ANSWER SITUATION 1, 2, and 3 in the table.

answer these questions that are correct for the table

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. (V 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.) Lease term (years) Lessor's rate of return (known by lessee) Lessee's incremental borrowing rate Fair value of lease asset Situation 2 20 9% 10% $980,000 3 4 12% 10 11% 12% $600,000 10% $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 each of the above situations. (Round your answers to the nearest whole dollar.) Lease Payments Right-of-use Asset/Lease Payable Situation 1 Situation 2 Situation 3 A lease agreement that qualifies as a finance lease calls for annual lease payments of $26,269 over a six-year lease term (also the asset's useful life), with the first payment at January 1, the beginning of the lease. The Interest rate is 5%. (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.) Required: a. Complete the amortization schedule for the first two payments. b. If the lessee's fiscal year is the calendar year, what would be the amount of the lease llability that the lessee would report in its balance sheet at the end of the first year? What would be the Interest payable? * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Complete the amortization schedule for the first two payments. (Enter all amounts as positive values. Round your answers to the nearest whole dollar.) Date Lease Payment Effective Interest Decrease in Balance Outstanding Balance 15 48.845 X s 5,887 XS 23.827 X January 1. Year 1 January 1, Year 1 January 1. Year 2 25.018 26.289 28.269 1.251 X 25.018 Required B > A lease agreement that qualifies as a finance lease calls for annual lease payments of $26,269 over a six-year lease term (also the asset's useful life), with the first payment at January 1, the beginning of the lease. The Interest rate is 5%. (FV of $1. PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use approprlate factor(s) from the tables provided.) Required: a. Complete the amortization schedule for the first two payments. b. If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year? What would be the Interest payable? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year? What would be the interest payable? (Round your answers to the nearestee dollar.) Lease liability S 550 % $0 $ Interest payable 780 15