Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,000 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 1 3 4 2 5 6 5 5 5 5 8 6 9% 9% 9% 9% Lease term (years) Asset's useful life (years) Lessor's implicit rate (known by lessee) Residual value: Guaranteed by lessee Unguaranteed Purchase option: After (years) Exercise price Reasonably certain? 0 $4,800 0 $2,400 0 $2,400 $4,800 0 none n/a n/a 4 $7,400 no 5 3 $1,400 $3,400 no yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Answer is not complete. Situation 2 3 1 4 A. $ 60,000 60,000 60,000 39,400 60,000 64,800 64,800 39,400 The lessor's: 1. Total lease payments Gross investment in 2. the lease 3. Net investment in the lease The lessee's: 4. Total lease payments 5. Right-of-use asset 6. Lease liability 50,877 53,996 53,996 35,735 B. 60.000 60.000 60,000 50,877 50,8776 50,877 50,877 50,877 50,877 35,735 35,735