Metlock Dairy leases its milking equipment from Bonita Finance Company under the following lease terms. 1 2 3. The lease term is 10 years, noncancelable, and requires equal rental payments of $31,200 due at the beginning of each year starting January 1, 2020. The equipment has a fair value at the commencement of the lease (January 1, 2020) of $236,108 and a cost of $260,000 on Bonita Finance's books. It also has an estimated economic life of 15 years and an expected residual value of $15,300, though Metlock Dairy has guaranteed a residual value of $21,600 to Bonita Finance. The lease contains no renewal options, and the equipment reverts to Bonita Finance upon termination of the lease. The equipment is not of a specialized use. 4. Metlock Dairy's incremental borrowing rate is 8% per year. The implicit rate is also 8%. 5. Metlock Dairy depreciates similar equipment that it owns on a straight-line basis. 6. Collectibility of the payments is probable What would have been the amount of the initial lease liability recorded by the lessee upon the commencement of the lease if: (Round answers to O decimal places, eg. 5,250) (1) The residual value of $21,600 had been guaranteed by a third party, not the lessee? S (2) The residual value of $21,600 had not been guaranteed at all