Each of the three independent situations below describes a finance lease in which annual lease payments are payable at the end of each year. The lessee is aware of the lessor's implicit rate of return.

Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

	Situation
	1	2	3
Lease term (years)	11	20	3
Lessor's rate of return (known by lessee)	11%	9%	10%
Lessee's incremental borrowing rate	12%	10%	9%
Fair value of lease asset	$690,000	$1,025,000	$230,000

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.

Note: Round your answers to the nearest whole dollar.