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. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Lease term (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 Situation 2 3 4 10% 7 11% 5 8 9% 12% $ 50,000 $350,000 $ 75,000 $465,000 $ 50,000 $350,000 $ 45,000 $465,000 0 $ 50,000 0 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 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 $ 14,340 $ 0 Situation 2 $ 62,310 $ 0 Situation 3 S 16,617 $ 0 Situation 4 $ 0