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.) 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 4 10% $50,000 $50,000 Situation 2 7 5 11% 9% $350,000 $ 75,000 $350,000 $ 45,000 4 8 12% $465,000 $465,000 $ 50,000 0 $ 7,000 $ 7,000 $ 45,000 $ 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 each of the above situations. (Round your answers to the nearest whole dollar amount.) $ A Lease Payments 15,774 62,310 16,617 89,541 Answer is complete but not entirely correct. Residual PV of Lease PV of Residual Value Right-of-use Value Asset/Lease Guarantee Payments Guarantee Liability $ 0 $ 50,000 $ 0 $ 50,000 $ 0 $ 325,917 $ 0 $ 325,917 $ 7,000 $ 70,450 $ 4,550 $ 75,000 $ 50,000 444,806 $ 20,194 $ 465,000 Situation 1 Situation 2 Situation 3 Situation 4 $ CA >>IX $ $ $ $ $ $