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

$1234$

Lease term $($years$)5869$

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 $00$ $ $8,000$ $ $51,000$

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.