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. (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 3 Lease term (years) 11 20 3 Lessor's rate of return 9% 11% 10% Lessee's incremental borrowing rate 12% 10% 9% Fair value of lease asset $690,000 $1,025,000 $230,000 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 above situations. (Round your answers to the nearest whole dollar.) Right-of-use Asset/Lease Payable Lease Payments Situation 1 Situation 2 Situation 3