9 Each of the three 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. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use approprlate factor(s) from the tables provlded.) 7.14 Situation points Lease term (years) Lessor s rate of return (known by lessee) Lessee's incremental borrowing rate Fair value of lease asset 10 10% 11% 20 8% 9% 4 11% 10% $760,000 $1,140,000 $345,000 eBook 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 answers to nearest whole dollar.) Hint Right-of-use Asset/Lease Payable Print Lease Payments Situation 1 Situation2 Situation 3 760,000 1,140,000 345,000 References