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)$

$$Situation$1234$Lease term $($years$)4758$Lessor's rate of return$10\%11\%9\%12\%$Fair value of lease asset$ $64,000$$ $364,000$$ $89,000$$ $479,000$Lessor's cost of lease asset$ $64,000$$ $364,000$$ $59,000$$ $479,000$Residual value:$$Estimated fair value$0$$ $64,000$$ $21,000$$ $33,000$Guaranteed fair value$00$$ $21,000$$ $38,000$

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.