Exercise $15-9($Algo$)$ Lessor calculation of annual lease payments; lessee calculation of asset and liability $[$LO$15-2]$

Each of the three 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 $\backslash$$$1,$ PV of $\backslash$$$1,$ FVA of $\backslash$$$1,$ PVA of $\backslash$$$1,$ FVAD of $\backslash$$$1$ and PVAD of $\backslash$$$1)$

Required:

a$.\backslash$& 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. $\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline & Lease Payments & $\backslash$begin$\{$tabular$\}\{$c$\}$

Right$-$of$-$use Asset$/$Lease $\backslash \backslash$

Payable

$\backslash$end$\{$tabular$\}\backslash \backslash$

$\backslash$hline Situation $1$ & & $\backslash \backslash$

$\backslash$hline Situation $2$ & & $\backslash \backslash$

$\backslash$hline Situation $3$ & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$