Each of the four independent situations below describes a sales-type lease in which annual lease payments of $120,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Situation Lease term (years) Lessor's and lessee's interest rate Residual value: 10 12% 10 12% 11% 13% Estimated fair value Guaranteed by lessee $54,000 $8,400 $54,000 $8,400 $64,000 Determine the following amounts at the beginning of the lease (Round your intermediate and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct Situation 2 3 4 A The lessor's: 1. Lease payments 2. Gross investment in the ease 3. Net investment in the lease 1,080,000. $ 1,080,000. $ 1,200,000,200,000 3 1,080,000 1,134,0000 1,208,4001,264,000 737,534 713,828 762,095 779,996 B The lessee's: 4. Lease payments 5. Right-of-use asset 6. Lease payable 1,080,000 737,534 737,534 1,080,0000 713,828 713,828 1,200,000. 1,200,000 779,996 779,996 759,390 759,390