6 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. (EV of $1. PV of $1. EVA of $1 PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 7 points Lease term (years) Situation 4 4 Lesson's rate of return 10% 7 11% 5 9% 12% Fair value of lease asset $64,000 Lessor's cost of lease asset $64,000 $364,000 $89,000 $364,000 $59,000 $479,000 $479,000 Residual value: Estimated fair value, 0 Guaranteed fair value. $ 64,000 $21,000 $ 35,000 $21,000 $ 38,000 Required: a. & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right-of-use asset and a lease liability, for each of the above situations. (Round your answers to the nearest whole dollar amount.) Answer is not complete. Lease Payments Residual Value Guarantee PV of PV of Residual Lease Payments Value Guarantee Right-of-use Asset/Lease Liability Situation 1 $ 18,355 $ 0 64,000 $ O S 64,000 Situation 2 $ 00 is 0 Situation 31 S S 0 0 0 Situation 4