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 $1andPVAD of $1)(Use appropriate factor(s) from the tables provided.)

Situation1234Lease term (years)5869Lessor's rate of return8%9%7%10%Fair value of lease asset$63,000$363,000$88,000$478,000Lessor's cost of lease asset$63,000$363,000$58,000$478,000Residual value:Estimated fair value0$63,000$20,000$32,000Guaranteed fair value00$20,000$37,000

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