Each of the four independent situations below describes a sales-type lease in which annual lease payments of $20,000 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.) 1 3 3 8% Situation 2 3 4 8% 3 3 4 8% 4 3 6 8% 0 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? $ 8,000 0 $ 4,000 $ 4,000 $ 8,000 none n/a n/a 2 $ 9,000 no 3 $ 3,000 no 3 $ 5,000 yes