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.

Note: Use tables, Excel, or a financial calculator.(FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)

	Situation
	1	2	3	4
Lease term (years)	5	8	6	9
Lessor's rate of return	9%	10%	8%	11%
Fair value of lease asset	$ 62,000	$ 362,000	$ 87,000	$ 477,000
Lessor's cost of lease asset	$ 62,000	$ 362,000	$ 57,000	$ 477,000
Residual value:
Estimated fair value	0	$ 62,000	$ 19,000	$ 31,000
Guaranteed fair value	0	0	$ 19,000	$ 36,000

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.

Note: Round your answers to the nearest whole dollar amount.