Exercise $15-24($Algo$)$ Calculation of annual lease payments; residual value $[$LO$15-2,15-6]$

Each of the four 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)$

$\backslash$table$[[,$Situation$],[,1,5,2,3,4],[$Lease term $($years$),10\%,11\%,6,9,],[$Lessor$\text{'}$s rate of return,$$57,000,$$$357,000,$$$82,000,$$$472,000,],[$Fair value of lease asset,$$57,000,$$$357,000,$$$52,000,$$$472,000,],[$Lessor$\text{'}$s cost of lease asset,,,,,$],[$Residual value:,$0,$$$57,000,$$$14,000,$$$29,000,],[$Estimated$,$fair value,$0,0,$$$14,000,$$$34,000,]]$

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.

Note: Round your answers to the nearest whole dollar amount.

Answer is complete but not entirely correct.