Each of the four independent situations below describes a sales-type lease in which annual lease payments of $13,000 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 4 Situation 2 3 4 4 5 5 10% 10% 7 10% 10% 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 $5,200 0 $2,600 $2,600 0 $5,200 none n/a n/a 3 $ 7,600 4 $1,600 no 3 $3,600 yes no Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Situation 2 3 4 [$ 52,000 52,000 45,329 52,000 57,200 48,881 52,000 57,200 48,881 42,600 42,600 A. The lessor's: 1. Total lease payments 2. Gross investment in the lease 3. Net investment in the lease B. The lessee's: 4. Total lease payments 5. Right-of-use asset 6. Lease liability 39,000 52,000 45,329 45,329 52,000 45,329 45,329 52,000 45,329 45,329