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.) Situation 2 4 Lease term (years) Lessor's rate of return Fair value of lease asset Lessor's cost of lease asset Residual value 4 10% 7 8 11% 9% 12% $ 61,000 $361,000 $ 86,000 $476,000 $ 61,000 $361,000 $ 56,000 $476,000 Estimated fair value Guaranteed fair value 0 61,000 18,000 $30,000 0 $18,000 35,000 0 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.) Residual Value Guarantee Right-of-use Asset/Lease Liabili PV of Lease PV of Residual Lease Payments Payments Value Guarantee Situation 1 Situation 2 Situation3 Situation 4