Lease term $($years$)69710$

Lessor's rate of return $10\%11\%9\%12\%$

Fair value of lease asset $ $58,000$ $ $358,000$ $ $83,000$ $ $473,000$

Lessor's cost of lease asset $ $58,000$ $ $358,000$ $ $53,000$ $ $473,000$

Residual value:

Estimated fair value $0$ $ $58,000$ $ $15,000$ $ $30,000$

Guaranteed fair value $00$ $ $15,000$ $ $35,000$

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.