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 lessors 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)

	Situation
1	2	3	4
Lease term (years)	5	8	6	9
Lessor's rate of return	10%	11%	9%	12%
Fair value of lease asset	$ 51,000	$ 351,000	$ 76,000	$ 466,000
Lessor's cost of lease asset	$ 51,000	$ 351,000	$ 46,000	$ 466,000
Residual value:
Estimated fair value	0	$ 51,000	$ 8,000	$ 46,000
Guaranteed fair value	0	0	$ 8,000	$ 51,000

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.

a. \& b. Determine the amount of the annual lease payments as calc right-of-use asset and a lease liability, for each of the above situations. Note: Round your answers to the nearest whole dollar amount