Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. (Use Table 2 and Table 6) Situation Lease term (years) Lessor's rate of return Fair value of leased asset Lessor's cost of leased asset Residual value 4 10% 5 8% 11% 12% 50,000 $ 350,000 $75,000 465,000 $50,000 350,000 $45,000 465,000 0 50,000 Guaranteed by lessee Unguaranteed 0 30,000 0 7,000 15,000 Determine the annual lease payments for each situation (Round "PV Factor" to 5 decimal places and final answers to the nearest dollar amount. Do not round intermediate calculations. Omit the "$" sign in your response.): Lease payments $ 15774 Situation1 Situation2 Situation3 Situation 4