Please help i had several different answers The image presents a table and scenarios relating to finance leases. Each scenario describes terms under which annual lease payments are made. Lessees are informed of the lessor’s implicit rate of return and must use appropriate financial factors for calculations.**Scenarios Overview:**- **Situation 1:** - Lease Term: 6 years - Lessor's Rate of Return: 10% - Fair Value of Lease Asset: $58,000 - Lessor's Cost: $58,000 - Residual Value: Estimated $0- **Situation 2:** - Lease Term: 9 years - Lessor's Rate of Return: 11% - Fair Value of Lease Asset: $358,000 - Lessor's Cost: $358,000 - Residual Value: Estimated $58,000- **Situation 3:** - Lease Term: 7 years - Lessor's Rate of Return: 9% - Fair Value of Lease Asset: $83,000 - Lessor's Cost: $53,000 - Residual Value: Estimated $15,000 - Guaranteed $15,000- **Situation 4:** - Lease Term: 10 years - Lessor's Rate of Return: 12% - Fair Value of Lease Asset: $473,000 - Lessor's Cost: $473,000 - Residual Value: Estimated $30,000 - Guaranteed $35,000**Required Calculations:**For each situation, the task involves determining:- **Annual Lease Payments**- **Residual Value Guarantee**- **Present Value (PV) of Lease Payments**- **PV of Residual Value Guarantee**- **Right-of-Use Asset/Lease Liability****Results:**1. **Situation 1:** - Lease Payments: $12,107 - PV of Lease Payments: $58,000 - Liability: $58,0002. **Situation 2:** - Lease Payments: $44,559 - PV of Lease Payments: $335,327 - Liability: $335,3273. **Situation 3:** - Lease Payments: $13,634 - PV of Lease Payments: $74,795 - Liability

Table Values:- Present value factor for n = 10 and i = 12% is 0.3220 Present value of annuity due…

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. (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. Fair value of lease asset Lessor's cost of lease asset. Residual value: Estimated fair value Guaranteed fair value 6 10% Situation 0 0 9 11% $58,000 $358,000 $58,000 $358,000 $ 58,000 0 3 7 9% $ 83,000 $53,000 $ 15,000 $15,000 4 10 12% $473,000 $473,000 $ 30,000 $ 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. (Round your answers to the nearest whole dollar amount.)