Each of the four independent situations below describes 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. (EV of $1. PV of $1. EVA of $1 PVA of $1. EVAD of 51 and PVAD $1) (Use appropriate factor(s) from the tables provided.) Situation 3 Lease term (years) 5 8 6 9 Lesson's rate of return 10% 11% 9% 12% Fair value of lease asset $53,000 $353,000 Lesson's cost of lease asset $53,000 $78,000 $353,000 $48,000 $468,000 $468,000 Residual value: Estimated fair value Guaranteed fair value $ 53,000 $10,000 $ 48,000 0 $10,000 $ 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.) Right-of-use Asset/Lease Lease Payments Residual Value Guarantee PV of Lease Payments PV of Residual Value Guarantee Situation 1 Situation 2 Situation 3 Situation 4 Liability