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 4 Lease term (years) Lessor's rate of return Fair value of lease asset Lessor's cost of lease asset Residual value: 4 10% 11% 9% 12% $66,000 $366,00 $91,000 $481,000 $ 66,000 $366,000 61,000 $481,000 Estimated fair value Guaranteed fair value 0 66,000 $23,000 35,000 0 $23,000 40,0e0 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 above situations. (Round your PV factor answers to 5 decimal places and other answer to nearest whole dollar.) Residual Value Guarantee Right-of-use Asset/Lease PV of Lease PV of Residual Payments Value Guarantee Liabili Situation Situation 2 Situation3