Each of the four independent situations below describes a sales-type lease in which annual lease payments of $14,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (FV of $1. PV of $1, EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Situation 1 2 3 Lease term (years) Asset's useful life (years) 3 3 3 3 3 4 4 6 Lessor's implicit rate (known by lessee) 12% 12% 12% 12% Residual value: Guaranteed by lessee $5,600 $ 2,800 0 Unguaranteed $ 2,800 $5,600 Purchase option: After (years) none 2 3 3 Exercise price Reasonably certain? n/a n/a $ 7,800 $ 1,800 $3,800 no no yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) > Answer is complete but not entirely correct. Situation 1 2 3 4 A. The lessor's: 1. Total lease payments $ 42,000 ( 42,000 42,000 45,800 Gross investment in the 2. 42,000 47,600 47,600 45,800 lease 3. Net investment in the lease 33,626 X 37,612 37,612 40,654 B. The lessee's: 4. Total lease payments 42,000 42,000 42,000 45,800 x 5. Right-of-use asset 41,084 41,084 41,084 x 43,789 6. Lease liability 33,626 X 37,612 35,619 x 36,668 X