Each of the four independent situations below describes a sales-type lease in which annual lease payments of $15,000 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.) Situation 1 2 5 5 5 6 8% 8% 3 5 6 8% 4 s 8 8% 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? $ 6,000 @ $ 3,000 $3,000 $ 6,000 none n/a n/a 4 $ 8,000 no 5 $ 2,000 no 3 $ 4,000 yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Situation 2 3 $ 75,000 75,000 75,000 81,000 75,000 81,000 L. 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