Each of the 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 interest rate.

	Situation
	1 Lessee			2 Lessor
Lease term		10	yrs.		20	yrs.
Lessor's desired
rate of return		10	%		12	%
Lessee's incremental
borrowing rate		12	%		10	%
Fair value of asset	$	600,000		$	400,000

For convenience, here are some table values:

Periods; int. rate	PV, ordinary annuity			PV, annuity due
10 periods, 10%		6.1446			6.7590
10 periods, 12%		5.6502			6.3283
20 periods, 10%		8.5136			9.3649
20 periods, 12%		7.4694			8.3658

Required: For each situation determine the amount of the annual lease payment, as calculated by the lessor. (Round your answers to the nearest whole dollar amoun