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 Fair value of lease asset 5 8% 8 9% 6 9 7% 10% $ 63,000 $ 363,000 Lessor's cost of lease asset $ 63,000 $ 363,000 $ 88,000 $ 58,000 $ 478,000 $ 478,000 Residual value: Estimated fair value 0 $ 63,000 $ 20,000 $ 32,000 Guaranteed fair value 0 0 $ 20,000 $ 37,000 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. Note: Round your answers to the nearest whole dollar amount.