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) Situation 1 2 3 4 Lease term (years) Lessor's rate of return 5 10% 8 11% 6 9 9% 12% Fair value of lease asset $ 53,000 $ 353,000 $ 78,000 Lessor's cost of lease asset $ 53,000 $ 353,000 $ 48,000 $ 468,000 $ 468,000 Residual value: 0 0 $ 53,000 $ 10,000 $ 48,000 0 $ 10,000 $ 53,000 Estimated fair value Guaranteed fair value 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. Residual Value Lease Payments Guarantee PV of Lease Payments PV of Residual Value Guarantee Right-of-use Asset/Lease Liability Situation 1 Situation 2 Situation 3 Situation 4