Please help! I don't know where I am going wrong.

Below are three independent lease scenarios. Payments are made at the beginning of each year. 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the January $1,20$X$1,$ 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.$)$ Below are three independent lease scenarios. Payments are made at the beginning of each year.

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.

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Compute the amount of Merchant's gain on the transaction.