On January 1, 2021, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by NIC. Portions of the United Leasing's lease amortization schedule appear below: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Effective Interest Decrease in Balance Jan. 1 Payments 2021 2021 17,580 2022 17,500 2023 17,500 2024 17,500 2025 17,500 2026 17,500 12,450 12,147 11,826 11,485 11,124 17,500 5,05 5,353 5,674 6,015 6,376 Outstanding Balance 224,997 2e7, 497 2e2,447 197,094 191,420 185, 4es 179, 029 2038 2039 2840 2841 17,580 17,5ee 17,500 39,223 4,671 3,901 3,085 2,220 12,829 13,599 14,415 37,883 65,017 51,418 37,083 Required: 1. What is the lease term in years? 2. What is the asset's residual value expected at the end of the lease term? (Round your answers to nearest whole dollar.) 3. What is the effective annual Interest rate? (Round your percentage answer to 1 decimal place.) 4. What is the total amount of lease payments for United? (Round your answers to nearest whole dollar.) 5. What is the total amount of lease payments for NIC? (Round your answers to nearest whole dollar.) 6. What is United's net Investment at the beginning of the lease (after the first payment)? (Round your answers to nearest whole dollar.) 7. What Is United's total effective Interest revenue recorded over the term of the lease? (Round your answers to nearest whole dollar.) 8. What amount would NIC record as a right-of-use asset at the beginning of the lease? (Round your answers to nearest whole dollar.) 1. years 2. 3. Lease term Asset's residual value Effective annual interest rate Lease payments for United Lease payments for NIC %6 4. 5. 6. Net investment 7. Total effective interest revenue Right-of-use asset 8