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 Situation 1 2 3 6 9 7 10% 11% 9% $58,000 $358,000 $83,000 $58,000 $ 358,000 $53,000 4 10 12% $473,000 $473,000 $ 58,000 $15,000 $15,000 $ 30,000 $ 35,000 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.) Situation 1 Situation 2 Situation 3 Situation 4 Residual Value PV of Lease Lease Payments Right-of-use PV of Residual Guarantee Payments Value Guarantee Asset/Lease Liability S 12,107 $ or s 58,000 $ 0 $ 58,000 S 54,559 $ 0 S 0 0 $ 13,634 0 non $ 0