Problem 7 (20 points) Each of the four independent situations below describes a lease requiring annual lease payments of 30,000. Situation Situation 2 Situation 3 Situation 4 ease tem (years 6 6 set's useful life (years set's fair value $132,000 $114,000$129.000 S1 15,000 Bargain purchase option? 0 res 0 nnual lease payments End of Beg. of End of ssor's implicit rate nown by lessee 69 essee's incremental rrowing rate For each situation, determine the appropriate lease classification by the lessee and indicate why. Round your answers to the nearest whole dollar amounts