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. (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 1 2 3 4 Lease term (years) 4 7 5 8 Lessor's rate of return 10 % 11 % 9 % 12 % Fair value of lease asset $ 61,000 $ 361,000 $ 86,000 $ 476,000 Lessor's cost of lease asset $ 61,000 $ 361,000 $ 56,000 $ 476,000 Residual value: Estimated fair value 0 $ 61,000 $ 18,000 $ 30,000 Guaranteed fair value 0 0 $ 18,000 $ 35,000 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 above situations. (Round your PV factor answers to 5 decimal places and other answer to nearest whole dollar.)