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. (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 Lease term (years) Lessor's rate of return Fair value of lease asset Lessor's cost of lease asset Residual value: Estimated fair value Guaranteed fair value 5 10% $53,000 $53,000 113 $353,000 $353,000 $78,000 $48,000 123 $468,000 $ 468,000 0 $ 53,000 0 $10,000 $10,000 $ 48,000 $ 53,000 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. (Round your answers to the nearest whole dollar amount.) Lease Payments Answer is not complete. PV of Residual PV of Residual Right-of-use Value Lease Value Asset/Lease Guarantee Payments Liability Guarantee $ 0$ 53,000$ 0$ 53,000 $ 0 $ 0$ 0 $ 0 $ 0$ 0 $ 5,000 0 Situation 1 13,981 Situation 2 Situation 3 Situation 4