Each of the four Independent situations below describes a sales-type lease in which annual lease payments of $10,500 are payable at the beginning of each year Each is a finance lease for the lessee. (EV 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.) 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 2 4 S S S 6 6 8 10% 10% 10% 10% $4,200 $2,100 $2,100 $4,200 none 4 S 3 n/a $7,100 $1,100 $3,100 n/a no yes Determine the following amounts at the beginning of the lease: (Round your final entwert to per deller) Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) A. The lessor's: 1. Total lease payments 2. Gross investment in the lease 3. Net investment in the lease B. The lessee's: 4. Total lease payments 5. Right-of-use asset 6. Lease liability 2 Situation