Please help. I am stumped on this problem.

Below are three independent lease scenarios. Payments are made at the beginning of each year. Case 1 Case 2 Case 3 Fair value of equipment $ 160,000 $ 95,000 $ 125,000 Unguaranteed residual value 83,000 48, 000 35,000 Bargain purchase option 3,000 Life of lease 8 years 9 years 6 years Economic life of asset 14 years 16 years 13 years Rate of return required 4% 6% 10% Required: 1. Calculate the lease payments for the above three cases. 2. Explain whether each lease will be an operating lease or a finance lease. 3. For each case, compute the lease liability to be shown on the balance sheet at the commencement date. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What type of a lease is this for Merchant? | What type of a lease is this for Merchant? ; vi Below are three independent lease scenarios. Payments are made at the beginning of each year. Case 1 Case 2 Case 3 Fair value of equipment $ 160,000 $ 95,000 $ 125,000 Unguaranteed residual value 83,000 48, 000 35,000 Bargain purchase option 3,000 Life of lease 8 years 9 years 6 years Economic life of asset 14 years 16 years 13 years Rate of return required 4% 6% 10% Required: 1. Calculate the lease payments for the above three cases. 2. Explain whether each lease will be an operating lease or a finance lease. 3. For each case, compute the lease liability to be shown on the balance sheet at the commencement date. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the amount of Merchant's gain on the transaction. Below are three independent lease scenarios. Payments are made at the beginning of each year. Case 1 Case 2 Case 3 Fair value of equipment $ 160,000 $ 95,000 $ 125,000 Unguaranteed residual value 83,000 48 , 000 35, 000 Bargain purchase option 3,000 Life of lease 8 years 9 years 6 years Economic life of asset 14 years 16 years 13 years Rate of return required 4% 6% 10% Required: 1. Calculate the lease payments for the above three cases. 2. Explain whether each lease will be an operating lease or a finance lease. 3. For each case, compute the lease liability to be shown on the balance sheet at the commencement date. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the January 1, 20X1, entries on Merchant's books to account for the sale and leaseback. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet 7 1 01/01/20X1 No Transaction Recorded 2 01/01/20X1 No Transaction Recorded