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 1 2 3 4 Lease term (years) 5 Lessor's rate of return Fair value of lease asset 9% 8 10% 6 8% 9 11% $ 62,000 $ 362,000 $ 87,000 Lessor's cost of lease asset $ 62,000 $ 362,000 $ 57,000 $ 477,000 $ 477,000 Residual value: Estimated fair value 0 $ 62,000 $ 19,000 $ 31,000 Guaranteed fair value $ 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. Lease Payments Residual Value PV of Lease Guarantee Payments PV of Residual Value Guarantee Right-of-use Asset/Lease Liability Situation 1 Situation 2 $ 14,624 $ 0 $ 0 Situation 3 $ 0 Situation 4