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Guaranteed and Unguaranteed Residual Values Grygiel Company leases a nonspecialized machine with a fair value of $40,000 to Baker Company. The lease has a life of 6 years and requires a $6,000 payment at the end of each year. The lease does not include a transfer of ownership nor a bargain purchase option, and the life of the lease is less than a major part of the expected economic life of the machine. It is probable that Grygiel will collect the lease payments plus any amount necessary to satisfy a residual value guarantee, Round intermediate and final answers to the nearest dollar. (Click here to access the PV and FV tables to use with this problem.) Required: 1. If the interest rate implicit in the lease is 8%, compute the machine's expected residual value. 2. If the residual value is guaranteed by Baker, how would each company classify the lease? Baker Company (Lessee): financing lease es-type lease