Each of the four independent situations below describes a sales-type lease in which annual lease payments of $100,000 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 98 Situation 2 3 7 8 110 105 4 8 120 Lease term (years) Lessor's and lessee's interest rate Residual value: Estimated fair value Guaranteed by lessee 0 0 $50,000 0 $8,000 $8,000 $50,000 $60,000 Determine the following amounts at the beginning of the lease. (Round your intermediate and final answers to the nearest whole dollar amount.) Situation 2 3 A $ 700,000 $ 700,000 548,592 700,000 $ 750,000 547,137 800,000 $ 800,000 808,000 590,574 The lessor's: 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 700,000 548,592 548,592 700,000 523,054 523,054 800,000 586,842 586,842