Exercise 21A-3 a-g (Part Level Submission) Splish Brothers Company leases an automobile with a fair value of $13,924 from John Simon Motors, Inc. on the following terms 1. Non-cancelabte term of s0 months 2. Rertal of S280 per month (at the beginning of each month). (The present value at 0.5% per month is S12.422.) . 3 Splish Brothers guarantees a residual value of $1,580 the present value at 0.5% per month is $ 1,231 Spish Brothers expects the probable residual vaue to be Si S80 at the end of the ease 4. 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. 5. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)