Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,000 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 5 5 98 Situation 2 3 5 5 6 6 98 9% 4 5 8 98 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 $ 4,800 0 $2,400 $2,400 0 $ 4,800 none n/a n/a 4 $ 7,400 no 5 $ 1,400 no 3 $3,400 yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Answer is not complete. Situation 1 2 3 4 A. $ 60,000 60,000 60,000 39,400 60,000 64,800 64,800 39,400 50,877 53,997 The lessor's: 1. Total lease payments Gross investment in the 2. lease 3. Net investment in the lease The lessee's: 4. Total lease payments 5. Right-of-use asset 6. Lease liability 53,997 B. 60,000 60,000 50,877 50,877 60,000 50,877 50,877 50,877 50,877