Exercise 15-26 Lease concepts; finance/salestype leases; guaranteed and unguaranteed residual value [LO15-2, 15-6] 1.53 points Each of the four independent situations below describes a sales-type lease in which annual lease payments of $120,000 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 34 10 10% 123 10 113 Lease term (years) Lessor's and lessee's interest rate Residual value: Estimated fair value Guaranteed by lessee $54,000 0 $8,400 $8,400 $54,000 $64,000 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: $ 1,134,000 $ 120,000 1,080.000 1,080,000 737,534 1,134,000 713,828 1,208,400 762,095 $ 1,254,000 1,318,000 797,382 1. Lease payments 2. Gross investment in the lease 3. Net investment in the lease The lessee's: 4. Lease payments 5. Right-of-use asset 6. Lease payable 1,080,000 737,534 737,534 1,134,000 X 713,828 X 713,828 120,000 759,390 X 759,390 1,254,000 776,776 X 776,776 Exercise 15-26 Lease concepts; finance/salestype leases; guaranteed and unguaranteed residual value [LO15-2, 15-6] 1.53 points Each of the four independent situations below describes a sales-type lease in which annual lease payments of $120,000 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 eBook 10 11% 10% 10 123 Lease term (years) Lessor's and lessee's interest rate Residual value: Estimated fair value Guaranteed by lessee Print $54,000 $8,400 $8,400 $54,000 $64,000 References Determine the following amounts at the beginning of the lease (Round your intermediate and final answer to the nearest whole dollar amount.): Situation - 2 3 4 A $ $ $ 1,080,000 1,080,000 737,534 1,134,000 1,134,000 713,828 120,000$ 1,254,000 1,208,400 1,318,000 762,095 797,382 The lessor's: 1. Lease payments 2. Gross investment in the lease 3. Net investment in the lease The lessee's: 4. Lease payments 5. Right-of-use asset 6. Lease payable 1,080,000 737,534 737,534 1,134,000 713,828 713,828 120,000 759,390 759,390 1,254,000 776,776 776,776