Exercise 21A-3 a-9 (Part Level Submission) Splish Brothers Company leases an automobile with a fair value of $13,924 from John Simon Motors, Ine, on the following terms 1. Non-cancelable term of 50 months 2. Rental of $280 per month (at the beginning of each month. (The present value at 0 S% per month is $12,422.) Solish Brothers guarantees a residual value of $1,580 (the present value ot .5% per month is $1,231). Solish Brothers expects the probable residual value to be $1,580 at the end of the le term. Estimated economic life of the automobile is 60 months. Splish Brothers's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown. 4. 5. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Your answer is correct. What is the nature of this lease to Splish Brothers? The nature of this lease is a/an LENK TO TEXT Y (9) Suppose thet instead of 11.580, Solish Brothers expects the residual value to be only s500 (the guaranteed amount is stll $ 1,580). How does the calculation of the present value of the lease payments change from part (b)? (Round answer to O decimal places, e.g. 5,275.) PV of lease payments s Attempts: 0 of a used AVE FORLATER BUBMST