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. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Lease term (years) Lessor's rate of return (known by lessee) Lessee's incremental borrowing rate Fair value of lease asset Required: 1 Situation 2 3 10 20 5 11% 9% 12% 12% 10% 11% $630,000 $1,010,000 $215,000 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. Note: Round your answers to the nearest whole dollar. Right-of-use Asset/Lease Lease Payments Payable Situation 1 $ 630,000 Situation 2 $ 1,010,000 Situation 3 215,000