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 points Lease term (years) Lessor's rate of return Lessee's incremental borrowing rate Fair value of lease asset 10 11% 12% 20 9% 10% 4 12% 10% $600,800 $980,000 $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 above situations. (Round your answers to nearest whole dollar.) Answer is complete but not entirely correct. Lease Payments Right-of-use Asset/Lease Payable Situation101,881S 600,001 979,995 85,000 Situation 107,355 2 Situation 60,908