4 3 4 5 Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit rate of return. Situations 1 2 3 Lease term 5 6 (years) Lessor's rate of 9% 8% 7% 6% return Fair value of $60,000 $90,000 lease asset $92,000 $85,000 Lessor's cost of $55,000 $75,000 $78,000 $85,000 leased asset Residual Value: Estimated fair 0 $20,000 $16,000 $14,000 value Guaranteed fair o 0 $16,000 $20.000 value Calculate the amount the lessee would record as a right-of-use asset, for each of the above situations. Round to the nearest dollar. Format ($XX.XXX) Situation 1: Situation 2: Situation 3 Situation4: 4 3 4 5 Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit rate of return. Situations 1 2 3 Lease term 5 6 (years) Lessor's rate of 9% 8% 7% 6% return Fair value of $60,000 $90,000 lease asset $92,000 $85,000 Lessor's cost of $55,000 $75,000 $78,000 $85,000 leased asset Residual Value: Estimated fair 0 $20,000 $16,000 $14,000 value Guaranteed fair o 0 $16,000 $20.000 value Calculate the amount the lessee would record as a right-of-use asset, for each of the above situations. Round to the nearest dollar. Format ($XX.XXX) Situation 1: Situation 2: Situation 3 Situation4