Exercise 15-24 (Static) Calculation of annual lease payments; residual value [LO15-2, 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) Situation Lease term (years) 5 Lessor's rate of return 10% 116 99 B 128 Fair value of lease asset $ 50,000 $ 350,000 $ 75,000 Lessor's cost of lease asset $ 50,000 $ 350,000 $ 45,000 $ 465,000 $465,000 Residual value: Estimated fair value 0 $ 50,000 Guaranteed fair value 0 0 $ 7,000 $7,000 $ 45,000 $ 50,000 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.