On January 1, 2021, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. Tite 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. EVAD of $1 and PVAD of 51) (Use appropriate factor(s) from the tables provided.) Payments 2021 2021 2022 2025 2020 2025 2026 12,500 12,500 12,50 12,500 12,500 12,50 Effective Decrease in Outstanding Interest Balance Balance 141,014 12,500 128,514 10,233 2,219 126,295 10,104 2,396 123,899 9,982 2,583 121, 12 5,705 2,795 111,516 9.481 3,019 115,497 4,9 2018 7019 20 12,50 12,50 12.50 19.472 53,625 45.415 3;61 2,926 W.210 3.62 16,54 Required: 1. What is the lease term in years? 2. What is the ascets 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 sease payments for NIC? (Round your answers to nearest whole dollar) 6. Wat is Unnes et levestment at the beginning of the lease falter the first payment (Round your answers to nearest whole doller 7. What is Unned's total offective interest revenue recorded over the tem of the lease? (Round your answers to nearest whole dollar) a. What amount would record as a dgnt-of-use asset or the beginning of the tene? (Round your answers to nearest whole doller