Each of the four independent situations below describes a sales-type lease in which annual lease payments of $19,500 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 9% Situation 2 3 5 5 6 6 9% 9% 4 5 8 9% 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 $7,800 0 $3,900 $3,900 0 $7,800 none n/a n/a 4 $8,900 no 5 $2,900 no 3 $4,900 yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) A. Answer is complete but not entirely correct. Situation 2 3 The lessor's: 1. Total lease payments $ 97,500 97,500 97,500 97,500 2. Gross investment in the 97,500 lease 105,300 105,300 105,300 Net investment in the 3. 78,891 83,610 83,610 83,610 lease The lessee's: 4. Total lease payments 97,500 105,300 101,400 97,500 5. Right-of-use asset 78,891 83,610 x 81,250 78,891 x 6. Lease liability 78,891 83,610 81,250 x 78,891 B