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. EVA of 51. PVA of S1.EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Lease ters (years) Lessor's rate of return (known by lessee) Lessee's incremental borrowing rate Fair value of lease asset Situation 1 2 11 21 11x 9% 12x 13 5650,000 $1,030,000 5 12% 12% $235,000 Required: 2. & 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 Assettease Payable Situation 1 Situation 2 Situation 3