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 $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 5 10% $65,000 $ 65,000 Situation 2 3 8 6 11% 9% $365,000 $90,000 $365,000 $ 60,000 4 9 12% $480,000 $480,000 $ 65,000 0 $ 22,000 $ 22,000 $ 34,000 $ 39,000 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.) Situation 1 Situation 2 Situation 3 Situation 4 Residual Value PV of Lease Lease Payments Right-of-use PV of Residual Guarantee Asset/Lease Payments Value Guarantee Liability $ 15,588 $ 0 $ 65,000 $ 0 $ 65,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 5,000 $ 0 $