Each of the four independent situations below describes a sales-type lease in which annual lease payments of $170,000 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 2 4 Lease term (years) 7 7 B 8 Lessor's and lessee's interest rate. 116 10% 12 12 Residual value: Estimated fair value. 0 $64,000 Guaranteed by lessee 0 0 $9,400 $9,400 $74,000 $64,000 Determine the following amounts at the beginning of the lease: (Round your intermediate and final answer to the nearest whole dollar amount.) A The lessor's: 1. Total lease payments Situation 2 3 $ 1.190,000 $1,190,000 2. Gross investment in the lease 3. Net investment in the lease 1,190,000 889,191 1,254,000 943,236 B The lessen's: 4 Total lease payments 1,190,000 1,190,000 5. Right-of-use asset 6. Lease liability 889,191 910,394 889,191 910,394