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 Leasings 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.) Jan. 1 Payments Effective Interest Decrease in Balance Outstanding Balance 2021 335,073 2021 35,000 35,000 300,073 2022 35,000 30,007 4,993 295,080 2023 35,000 29,508 5,492 289,588 2024 35,000 28,959 6,041 283,547 2025 35,000 28,355 6,645 276,902 2026 35,000 27,690 7,310 269,592 2038 35,000 12,059 22,941 97,646 2039 35,000 9,765 25,235 72,411 2040 35,000 7,241 27,759 44,652 2041 49,117 4,465 44,652 0 Required: 1. What is the lease term in years? 2. What is the assets 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 Uniteds net investment at the beginning of the lease (after the first payment)? (Round your answers to nearest whole dollar.) 7. What is Uniteds 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.)

Ineed help figuring out how to calculate number 8. can you please show me the work through? I can check all answers but I just can not figure it out alone.