$($Note: This is a variation of E $15-9$ modified to assume lease payments are at the end of each period.$)$

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.

Required:

For each situation, determine:

a$.$ The amount of the annual lease payments as calculated by the lessor.

b$.$ The amount the lessee would record as a right$-$of$-$use asset and a lease liability.