HA21-5 (Classification and Measurement with Unguaranteed and Guaranteed Residual Value) Each of the four independent situations below describes terms of a finance lease for the lessee and a sales-type lease for the lessor. The lessee is aware of the lessor's implicit interest rate. The lease commences on January 1, 2020 with the rental payments due on January 1, 2020 and then on December 31 through the end of the lease. 1 4 years Situation 2 3 4 years 4 years 6% 6% 13,612.81 13,612.81 4 4 years 6% 13,612.81 6% 13,612.81 Lease term Lessor's implicit rate Annual rental payment Residual value: Estimated value Guaranteed value Unguaranteed value OOO 5,000 0 5,000 5,000 5,000 0 3,000 5,000 0 Instructions For each situation: (a) Determine the present value of the lease payment(s) for classification of the lease for the lessee. (b) Determine the present value of the lease payment(s) for classification of the lease for the lessor. Determine the present value of the lease payment(s) for measurement of the liability for the lessee. (d) Determine the present value of the lease payment(s) for measurement of the receivable for the lessor