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) Situation 2 3 4 Lease term (years) 6 Lessor's rate of return 9% 9 10% 7 8% 10 11% Fair value of lease asset $ 68,000 $ 368,000 $ 93,000 Lessor's cost of lease asset $ 68,000 $ 368,000 $ 63,000 $ 483,000 $ 483,000 Residual value: Estimated fair value 0 $ 68,000 $ 25,000 $ 37,000 Guaranteed fair value 0 0 $ 25,000 $ 42,000 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. Right-of-use Lease Payments Residual Value Guarantee PV of Lease Payments PV of Residual Asset/Lease Value Guarantee Liability Situation 1 $ 13,824 $ 0 $ 0 $ Situation 2 $ 44,650 $ 0 $ 0 $ SS 68,000 368,000 Situation 3 $ 11,009 $ 0 $ 0 $ 93,000 Situation 4 $ 60,146 $ 483,000