8) 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 lessors implicit rate of return. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

	Situation
		1			2			3			4
Lease term (years)		4			7			5			8
Lessor's rate of return		10	%		11	%		9	%		12	%
Fair value of lease asset	$	50,000		$	350,000		$	75,000		$	465,000
Lessor's cost of lease asset	$	50,000		$	350,000		$	45,000		$	465,000
Residual value:
Estimated fair value		0		$	50,000		$	7,000		$	45,000
Guaranteed value		0			0		$	7,000		$	50,000

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 above situations. (Round your PV factor answers to 5 decimal places and other answers to nearest whole dollar.)