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$],[,1,2,3,6,4],[$Lease term $($years$),5,8,8\%,11\%,],[$Lessor$\text{'}$s rate of return,$9\%,10\%,$$$87,000,$$$477,000,],[$Fair value of lease asset,$$62,000,$$$362,000,$$$87,000,,],[$Lessor$\text{'}$s cost of lease asset,$$62,000,$$$362,000,$$$57,000,$$$477,000,],[$Residual value:,,,,,$],[$Estimated fair value,$0,$$$62,000,$$$19,000,$$$31,000,],[$Guaranteed fair value,$0,0,$$$19,000,$$$36,000,]]$

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 not complete.

$\backslash$table$[[,\backslash$table$[[$Lease$],[$Payments$]],\backslash$table$[[$Residual$],[$Value$],[$Guarantee$]],\backslash$table$[[$PV of$],[$Lease$],[$Payments$]],\backslash$table$[[$PV of Residual$],[$Value$],[$Guarantee$]],\backslash$table$[[$Right$-$of$-$use$],[$Asset$/$Lease$],[$Liability$]]],[$Situation $1,14,623\frac{O}{?},$$$,00,62,000,00,61,997$