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. EVA of $1, PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Lease tern (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 $50,000 $350,000 $75,000 Situation 2 3 4 4 10% 7 116 5 98 8 128 $50,000 $350,000 $45,000 $465,000 $465,000 0 0 $50,000 0 $ 7,000 $ 45,000 $7,000 $50,000 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.) Right-of-use Asset/Lease Lease Payments Residual Value Guarantee PV of Lease Payments PV of Residual Value Guarantee Liability Situation 1 $ 0 Situation 2 $ 0 Situation 3 $ 0 Situation 4 $ 0