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.) Situation 120 Lease ter (years) Lessor's rate of return Fair value of lease asset Lessor's cost of lease asset Residual values Estinated fair value Guaranteed value 108 $50,000 $50,000 118 $350,000 $350,000 $75,000 $45,000 $465,000 $465,000 0 0 $ 50,000 0 $ 7,000 $ 7,000 $ 45,000 $ 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 above situations. (Round your PV factor answers to 5 decimal places and other answers to nearest whole dollar.) Lease Payments Residual Value Guarantee PV of Lease Payments PV of Residual Value Guarantee Right-of-use Asset/Lease Liability Situation 1 Situation 2 $ $ 10 $ 1 $ 1 $ Situation 3 Situation 4