Each of the four independent situations below describes a sales-type lease in which annual lease payments of $11,500 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 $i and PVAD of $1) (Use appropriate foctor(s) from the tables provided.) 1 4 4 Situation 2 3 4 4 5 5 12% 12% 4 4 7 12% 12% Lease tera (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? $ 4,600 $ 2,300 $ 2,300 $4,600 none n/a n/a 3 $ 7,300 no 4 $ 1,300 no $ 3,300 yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar) Situation 2 3 $ 46,000 46.000 39.1211 46,000 50.600 42,0441 46 000 50.600 42.044 37,800 37.800 33,284 A The lessor's 1 Total lease payments 2. Gross investment in the loase 3. Net investment in the lease B. The lessee's 4 Total lease payments 5 Right-of-use asset 6. Lease liability 46,000 39,1211 39,1211 46,000 39 121 39,121 46 000 39.121 39 121 33,284 33,284