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.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

$\backslash$table$[[,$Situation$],[$Lease term $($years$),1,2,3,4,],[$Lessor$\text{'}$s rate of return,$4,10\%,9\%,12\%,],[$Fair value of lease asset,$$50,000,$$$350,000,$$$75,000,$$$465,000,],[$Lessor$\text{'}$s cost of lease asset,$$50,000,$$$350,000,$$$45,000,$$$465,000,],[$Residual value:,,,$11\%,,],[$Estimated fair value,$0,$$$50,000,$$$7,000,$$$45,000,]]$

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.

Note: Round your answers to the nearest whole dollar amount.

$\backslash$table$[[$Situation $1,$Lease Payments,$\backslash$table$[[$Residual Value$],[$Guarantee$]],\backslash$table$[[$PV of Lease$],[$Payments$]],\backslash$table$[[$PV of Residual$],[$Value Guarantee$]],\backslash$table$[[$Right$-$of$-$use$],[$Asset$/$Lease$],[$Liability$]]],[$$$,14,340,$$$,$$$,50,000,$$$,0,$$$,50,001],[$Situation $2,$$$,62,310,$$$,$$$,325,917,$$$,0,$$$,325,915],[$Situation $3,$$$,16,617,$$$,$$$,70,450,$$$,0,$$$,70,451],[$Situation $4,,,5,000,,,,,,]]$