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Exercise 15-24(Algo) Calculation of annual lease payments; residual value [LO15-2,15-6] Each of the four...

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Accounting

Exercise 15-24(Algo) Calculation of annual lease payments; residual value [LO15-2,15-6]
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.
Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:
a. & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right-of-use asset and a lease liability, for each of the above situations.
Note: Round your answers to the nearest whole dollar amount:
\table[[,Lease Payments,\table[[Residual Value],[Guarantee]],\table[[PV of Lease],[Payments]],\table[[PV of Residual],[Value Guarantee]],\table[[Right-of-use],[Asset/Lease],[Liability]],],[Situation 1,,$,,,$,],[Situation 2,,$,0,,,],[Situation 3,,$,0,,$,],[Situation 4,,$,5,000,,,]]
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