On January 1, 2024, 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. Portons of the United Leasing's lease amortization schedule appear below. Note: Use tables, Excel, or a financial calculator. (EV of \$1. PV of \$1. FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) Required: 1. What is the lease term in years? 2. What is the assets residual value expected at the end of the lease term? 3. What is the effective annual interest rate? Note: Enter your answer as o percent rounded to 1 decimal place. 4. What is the total amount of lease payments for united? 5. What is the total amount of lease poyments for NiC? 6. What is United's net investment at the beginning of the lease (after the first poyment? 7. What is United's total effective interest revenue recorded over the term of the lease? 8. What amount would NiC record as a nght-of-use asset at the beginning of the lease? Note: Round your answers to nearest whole doller. Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit rate of return Note: Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. EVA of \$1, PVA of \$1. FVAD of \$1 and PVAD of \$1) Required: 0. \& b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right-of-use asset and a lease liability, for each of the above situations. Note: Round your answers to the nearest whole dollar amount