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)$

$\backslash$table$[[,$Situation$],[,1,2,3,6,4],[$Lease term $($years$),,5,,3\%,9],[$Lessor$\text{'}$s rate of return,$9\%,10\%,8\%,11\%,],[$Fair value of lease asset,$$69,000,$$$369,000,$$$94,000,$$$484,000,],[$Lessor$\text{'}$s cost of lease asset,$$69,000,$$$369,000,$$$64,000,$$$484,000,],[$Residual value:,,,,,$],[,$ Estimated fair value,$0,$$$69,000,$$$26,000,$$$38,000,],[$Guaranteed fair value,$0,0,$$$26,000,$$$43,000,]]$

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.

$\backslash$table$[[,$Lease Payments,$\backslash$table$[[$Residual Value$],[$Guarantee$]],\backslash$table$[[$PV of Lease$],[$Payments$]],\backslash$table$[[$PV of Residual$],[$Value Guarantee$]],\backslash$table$[[$Right$-$of$-$use$],[$Asset$/$Lease$],[$Liability$]]],[$Situation $1,16,274,$$$,69,000,$$$,69,000],[$Situation $2,,$$$,,$$$,],[$Situation $3,,$$$,,$$$,],[$Situation $4,,,,,]]$