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 $1. PVA 0051, EVAD OL 51 and PVAD OL $1 (Use appropriate factor(s) from the tables provided.) situation 1 2 Lease term (years) 10 20 4 Lesson's rate of return (known by lessee) 11% Lessee's incremental borrowing rate 9% 125 12% 10% 10% Fair value of lease asset $600,000 $950,000 $105,000 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)