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Problem 3 Facts: Lessee and Lessor execute lease agreement on January 1, 2020. Fair market value of leased asset at inception of lease is $600,000. Estimated residual value of asset at lease termination is $120,000 of which Lessee guarantees SO. Leased asset is carried at a book value of $450,000 in Lessor's accounting records in the Equipment general ledger account. The lease term is 4 years. Annual lease payments of $156,613 are made on December 31st of each year. In addition, Lessee is required to make an up-front payment of $156,613 at the inception of the lease. Lessee's incremental borrowing rate is 10%. Lessor's implicit rate is 13% and this rate is known by the Lessee. The remaining economic life of the asset is 5 years. The age of the asset is 30 years at lease inception Required: Supply the requested information in Test spreadsheet tab "P3" I Problem 4 Facts: Lessee and Lessor execute lease agreement on January 1, 2020. Fair market value of leased asset at inception of lease is $600,000. Estimated residual value of asset at lease termination is SO of which Lessee guarantees So. Leased asset is carried at a book value of S600,000 in Lessor's accounting records in the Equipment general ledger account. The lease term is 9 years. Annual lease payments of S109,343 are made on December 31st of each year. In addition, Lessee is required to make an up-front payment of $109,343 at the inception of the lease. Lessee's incremental borrowing rate is 13% Lessor's implicit rate is 15% and this rate is unknown by the Lessee. The remaining economie life of the asset is 9 years. The age of the asset is 30 years at lease inception Required: Sunnlv. the requested information in Test spreadsheet tab P412