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. (EV of $1. PV of $1. EVA of $1. PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1 Situation 2 Lease term (years) 3 11 Lessor's rate of return (known by lessee) 15 6 10% 8% Lessee's incremental borrowing rate Fair value of lease asset 11% 11% $640,000 9% $1,000,000 10% $205,000 Required: 6. & b. Determine the amount of the annual lease payments a 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 Situation 1 Situation 2 Situation 3 Payable 640,000 1,000,000 205,000