TB Problem 5-107 (Algo) Each of the 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 interest rate. (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 1 2 Lease term 10 yrs 20 yrs Lessor's desired rate of return 12 % 14 % Lessee's incremental borrowing rate 14 % 12 % Amount of lease $ 660,000 $ 460,000 For convenience, here are some table values: Periods; int. rate PV, ordinary annuity PV, annuity due 10 periods, 12% 5.6502 6.3282 10 periods, 14% 5.2161 5.9464 20 periods, 12% 7.4694 8.3658 20 periods, 14% 6.6231 7.5504 Required: For each situation determine the amount recorded as a liability by the lessee at the beginning of the lease.(Round your intermediate and final answer to the nearest whole dollar.)