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 1 5 8% $ 55,000 $55,000 Situation 2 3 8 6 9% 7% $355,000 $80,000 $355,000 $50,000 4 9 9 10% $470,000 $470,000 0 $ 55,000 g $ 12,000 $ 12,000 $ 50,000 $ 55,000 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.) Lease Payments Situation 1 Situation 2 Situation 3 Situation 4 Right-of-use Residual Value PV of Residual PV of Lease Guarantee Payments Value Guarantee Asset/Lease Liability $ 0 $ 55,000 $ 0 $ 55,000 $ 0 $ 0 S 0 $ 0 $ 0 $ 0 0 $ 5,000 S 0