Sheffield Dairy leases its milking equipment from Tamarisk Finance Company under the following lease terms. 1. The lease term is 10 years, noncancelable, and requires equal rental payments of $27,900 due at the beginning of each year starting January 1, 2020. 2. The equipment has a fair value at the commencement of the lease (January 1, 2020) of $211,081 and a cost of $263,000 on Tamarisk Finance's books. It also has an estimated economic life of 15 years and an expected residual value of $12,700, though Sheffield Dairy has guaranteed a residual value of $19,200 to Tamarisk Finance. 3. The lease contains no renewal options, and the equipment reverts to Tamarisk Finance upon termination of the lease. The equipment is not of a specialized use. 4. Sheffield Dairy's incremental borrowing rate is a% per year. The implicit rate is also 8%. 5. Sheffield Dairy depreciates similar equipment that it owns on a straight-line basis. 6. Callectibility of the payments is probable. 1 What would have been the amount of the initial lease liability recorded by the lessee upon the commencement of the lease if: (Round answers to o decimal places, eg 5,250.) (1) The residual value of $19,200 had been guaranteed by a third party, not the lessee? (2) The residual value of $19,200 had not been guaranteed at all