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 $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Situation 1 2 3 Lease term (years) 15 25 6 Lessor's rate of return (known by lessee) 11% 9% 12% Lessee's incremental borrowing rate Fair value of lease asset 12% 10% $680,000 $1,060,000 11% $265,000 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. (Round your answers to the nearest whole dollar.) Lease Payments Right-of-use Asset/Lease Payable Situation 1 $ 0 $ 0 Situation 2 $ 0 $ 0 Situation 3 $ 0 $ 0