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. (FV of $1. PV of S1. FVA of S1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Lease term (years) Lessor's rate of return (known by lessee) Lossee's incremental borrowing rate Fair value of lease asset Situation 1 2 3 10 20 4 110 95 124 12 109 $710,000 $1,090,000 $295,000 110 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. (Round your answers to the nearest whole dollar) Lease Payments Right-of-use Asset/Lease Payable Situation 1 Situation 2 Situation 3