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($Use appropriate factors$)$ from the tables provided.$)$Situation$1234$Lease term $($years$)5869$Lessor's rate of return$10\%11\%9\%12\%$Fair value of lease asset$$59,000$$$359,000$$ $84,000$$$474,000$Lessor's cost of lease asset$ $59,000$$$359,000$$ $54,000$$$474,000$Residual value:Estimated fair value$0$$ $59,000$$$16,000$$ $32,000$Guaranteed fair value$00$$$16,000$$$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 each of the above situations. $($Round your answers to the nearest whole dollar amount.$)$Lease PaymentsResidual ValueGuaranteePV of LeasePaymentsPV of Residual Value GuaranteeRight$-$of$-$use Asset$/$LeaseLiabilitySituation $1$$$0$Situation $2$$Situation $3$$Situation $4$$