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. (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 2 Lease term (years) Lessor's rate of return Fair value of lease asset Lessor's cost of lease asset Residual value: Estimated fair value Guaranteed fair value 10% $56,000 $56,000 11% $356,800 $356,800 9% $81,000 $51,000 12% $471,820 $471,880 0 $ 56,000 $13,eee $13,000 $ 51,000 $ 56,000 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 answer to nearest whole dollar.) Lease Payments Residual Value Guarantee PV of Lease Payments PV of Residual Value Guarantee Situation 1 | $ Situation 2 $ Situation 3 Situation 4 16,060 $ 62,905 $ 17,1121 $ $ 0 0 0 5,000 $ $ $ 56,000 $ 329,027 $ 72,551 S 0 0 0 Right-of-use Asset/Lease Liability $ 56,000 $ 329,027 $ 72.551