Each of the independent situations below describes a capital lease in which annual lease payments are payable at the beginning of the lease. Any bargain purchase option is exercisable at the end of the lease. Situation 1 Situation 2 Lease term 10 years 20 years Lessor's desired rate of return 10% 12% Fair Value of asset $600,000 $400,000 Bargain Purchase Option 0 $50,000 For each situation determine the amount of the annual lease payment