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. (EV 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.) Situation 2 3 Lease tern (years) Lessor's rate of return 10% 7 11% 5 8 9% 12% Fair value of leaze arzet $50,000 $350,000 $75,000 $465.000 Lessor's cost of lease arret $50,000 $350,000 $ 45.000 $465,000 Residual value: Estinated fair value Guaranteed fair value. 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 ight-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 $ 14,339 $ 0 $ 50,000 $ 0 $ 50,000 Situation 2 $ 0 $ 0 $ 0 Situation 3 $ 16,617 $ 0 $ 70,450 $ 0 $ 70,450 Situation 4 $ 79,946 $ 5,000 $ 444,806 S 2,019 S 446,825