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 $9\%10\%8\%11\%$

Fair value of lease asset $ $62,000$ $ $362,000$ $ $87,000$ $ $477,000$

Lessor's cost of lease asset $ $62,000$ $ $362,000$ $ $57,000$ $ $477,000$

Residual value:

Estimated fair value $0$ $ $62,000$ $ $19,000$ $ $31,000$

Guaranteed fair value $00$ $ $19,000$ $ $36,000$

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.