Each of the four independent situations below describes a sales-type lease in which annual lease payments of $190,000 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 7 10% Situation 2 3 7 8 12% 11% 4 8 11% Lease term (years) Lessor's and lessee's interest rate Residual value: Estimated fair value Guaranteed by lessee $68,000 $9,800 $9,800 $68,000 $78,000 Determine the following amounts at the beginning of the lease: (Round your intermediate and final answer to the nearest whole dollar amount.) Determine the following amounts at the beginning of the lease: (Round your intermediate and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Situation 1 2 3 4 The lessor's: $ 1,330,000 1,330,000 $ $ 1,520,000 1,598,000 1,539,600 X 1,666,000 X 1,330,000 1,398,000 1,017,499 1,001,927 1,093,822 X 1,148,671 X 1. Total lease payments 2. Gross investment in the lease 3. Net investment in the lease The lessee's: 4. Total lease payments 5. Right-of-use asset 6. Lease liability B 1,330,000 1,017,500 1,017,500 1,330,000 971,167 971,167 1,520,000 1,598,000 X 1,089,570 X 1,119,164 X 1,089,570 X 1,119,164 X