Each of the three 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 rate of return. (EV of S1. PV of $1. FVA of $1. PVA of $1. FVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Situation Lease term (years) Lessor's rate of return (known by lessee) Lessee's incremental borrowing rate Fair value of lease asset pped 11% 12% 21 9% 10% 12% 11% $670,000 $1,050,e00 $265,000 Book 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 above situations. (Round your answers to nearest whole dollar.) Psint Lease Payments Right-of use AssetLease Payable Situation 1 Situation 2 tuation 3