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 return10%11%9%12%Fair value of lease asset$59,000$359,000$84,000$474,000Lessor's cost of lease asset$59,000$359,000$54,000$474,000Residual value:Estimated fair value0$59,000$16,000$32,000Guaranteed fair value00$16,000$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 above situations.(Round your PV factor answers to 5 decimal places and other answer to nearest whole dollar.)