Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,500 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 $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 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? Situation 1 2 3 4 3 3 3 3 3 4 4 6 8% 8% 8% 8% $ 5,000 $ 2,500 0 0 0 $ 2,500 $ 5,000 none 2 3 3 n/a n/a $ 7,500 $ 1,500 $ 3,500 no no yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.)