Each of the four independent situations below describes a sales-type lease in which annual lease payments of $175,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (EV 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 1 2 3 4 Lease term (years) 8 Lessor's and lessee's interest rate 128 108 9% 118 Residual value: Estimated fair value $65,000 $65,000 $75,000 0 $9,500 $9,500 Guaranteed by lessee 0 0 Determine the following amounts at the beginning of the lease (Round your intermediate and final answer to the nearest whole dollar amount.): Answer is not complete. Situation 1 2 4 3 A The lessor's: 1. Lease payments $ 1,400,000 $1,575,000 1,400,000 ,585,000 2. Gross investment in the lease 1,400,000 1,584,500 1,465,000 1,650,000 3. Net investment in the lease 973,658 948,238 1,104,890 The lessee's: B 1,400,000 1,575,000 1,585,000 4. Lease payments 1,400,000 5. Right-of-use asset 973,658 1,014,785 1,104,890(X 948,238 948,238 (X 1,014,785( 1,104,890 ( 6. Lease payable 973,658 Each of the four independent situations below describes a sales-type lease in which annual lease payments of $175,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (EV 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 1 2 3 4 Lease term (years) 8 Lessor's and lessee's interest rate 128 108 9% 118 Residual value: Estimated fair value $65,000 $65,000 $75,000 0 $9,500 $9,500 Guaranteed by lessee 0 0 Determine the following amounts at the beginning of the lease (Round your intermediate and final answer to the nearest whole dollar amount.): Answer is not complete. Situation 1 2 4 3 A The lessor's: 1. Lease payments $ 1,400,000 $1,575,000 1,400,000 ,585,000 2. Gross investment in the lease 1,400,000 1,584,500 1,465,000 1,650,000 3. Net investment in the lease 973,658 948,238 1,104,890 The lessee's: B 1,400,000 1,575,000 1,585,000 4. Lease payments 1,400,000 5. Right-of-use asset 973,658 1,014,785 1,104,890(X 948,238 948,238 (X 1,014,785( 1,104,890 ( 6. Lease payable 973,658