Each of the four independent situations below describes a sales-type lease in which annual lease payments of $16,000 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 Uw 5 118 11% 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? 0 0 $6,400 0 $3,200 $3,200 0 $6,400 3 none n/a n/a $8,200 no $2,200 no $4,200 yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Situation 2 3 A. The lessor's: 1. Total lease payments $ 64,000 64,000 64,000 64,000 2. Gross investment in the lease 6 4,000 3. Net investment in the lease CDI B. The lessee's: 4. Total lease payments 5. Right-of-use asset 6. Lease liability