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Each of the three 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 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 22 Lease term (years) 12 11% Lessor's rate of return (known by lessee 10% 8% 11% 10% 9% Lessee's incremental borrowing rate Fair value of leased asset $700,000 $1,080,000 $285,000 Required: a. Determine the amount of the annual lease payments as calculated by the lessor and above situations