Each of the independent situations below describes a capital lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit interest rate. 
For convenience, here are some table values: 
Required:
For each situation determine the amount recorded as a liability by the lessee at the inception of the lease.
Definitions:
Projection
A defense mechanism where an individual ascribes their own unacceptable thoughts, feelings, or motives to another person.
Repression
A defense mechanism where unpleasant thoughts, memories, or desires are excluded from conscious awareness.
Defence Mechanism
Psychological strategies used by individuals to cope with reality and maintain self-image by unconsciously denying or distorting reality.
Repression
A defense mechanism where an individual unconsciously pushes disturbing thoughts, desires, or experiences out of conscious awareness.
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