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 2 Lease term 10 yrs 20 yrs Lessor's desired rate of return 8 % 10 % Lessee's incremental borrowing rate 10 % 8 % Fair value of asset $ 620,000 $ 420,000 For convenience, here are some table values: Periods; int. rate PV, ordinary annuity PV, annuity due 10 periods, 8% 6.7101 7.2469 10 periods, 10% 6.1446 6.7590 20 periods, 8% 9.8181 10.6036 20 periods, 10% 8.5136 9.3649 Required: For each situation determine the amount of the annual lease payment, as calculated by the lessor. (Round your final answers to the nearest whole dollar.)