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.) Lease term (years) Lessor's rate of return (known by lessee) Lessee's incremental borrowing rate Fair value of lease asset 10 118 12% $600,000 Situation 2 20 98 109 $980,000 4 12% 108 $185,000 Required: a. & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right-of-use asset and a lease liability, for each of the above situations. (Round your answers to the nearest whole dollar.) X Answer is complete but not entirely correct. Situation 1 Situation 2 Situation 3 Lease Right-of-use Payments Asset/Lease Payable 91,785$ 600,000 98,492 $ 980,000 60,909 $ 185,000 $