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 lessors 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)

			SITUATIONS
	1	2	3	4
LEASE TERM (YR)	5	8	6	9
LESSOR'S RATE OF RETURN	10%	11%	9%	12%
FAIR VALUE OF LEASE ASSET	$53,000	$353,000	$78,000	$468,000
LESSOR'S COST OF LEASE ASSER	$53,000	$353,000	$48,000	$468,000
RESIDUAL VALUE:
ESTIMATED FAIR VALUE	0	$53,000	$10,000	$48,000
GUARANTEED FAIR VALUE	0	0	$10,000	$53,000

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.