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Homework - Chapter 15 Saved Help Save & Exit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return toqu 4 Exercise 15-10 Lessor calculation of annual lease payments; lessee calculation of asset and liability (LO15-2) 2.5 points 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. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Lease term (years) Lessor's rate of return Lessee's incremental borrowing rate Fair value of lease asset 1 10 11% 12% $600,000 Situation 2 2e 9% 10% $980,000 3 4 12% 10% $185,000 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 above situations. (Round your answers to nearest whole dollar.) % Answer is complete but not entirely correct. Right-of-use Lease Payments Asset/Lease Payable Situation S 94,812 XS 600,000 Situation s 98,492 X $ 980,000 2 Situation $ 54.383 x $ 185,000 3 here to search O Homework - Chapter 15 Saved Help Save & Exit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return toqu 4 Exercise 15-10 Lessor calculation of annual lease payments; lessee calculation of asset and liability (LO15-2) 2.5 points 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. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Lease term (years) Lessor's rate of return Lessee's incremental borrowing rate Fair value of lease asset 1 10 11% 12% $600,000 Situation 2 2e 9% 10% $980,000 3 4 12% 10% $185,000 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 above situations. (Round your answers to nearest whole dollar.) % Answer is complete but not entirely correct. Right-of-use Lease Payments Asset/Lease Payable Situation S 94,812 XS 600,000 Situation s 98,492 X $ 980,000 2 Situation $ 54.383 x $ 185,000 3 here to search O