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.

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

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.

Exercise $15-24($Algo$)$ Calculation of annual lease payments; residual value $[$LO$15-2,15-6]$

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.

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

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.

Answer is not complete.

$\backslash$table$[[,\backslash$table$[[$Lease$],[$Payments$]],\backslash$table$[[$Residual$],[$Value$],[$Guarantee$]],\backslash$table$[[$PV of$],[$Lease$],[$Payments$]],\backslash$table$[[$PV of Residual$],[$Value$],[$Guarantee$]],\backslash$table$[[$Right$-$of$-$use$],[$Asset$/$Lease$],[$Liability$]],,],[$Situation $1,,$$$,0,$$$,58,000,,],[$Situation $2,,$$$,58,000,,,,],[$Situation $3,,,,,,,],[$Situation $4,,,,,,,]]$

$6$ of $7$

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