COMPLETE ONLY PART D $($THE LAST IMAGE$)$ AND ONLY D$.$ ALL I NEED YOU TO FIND IS THE MISSING BOXES FOR THE TWO 'LEASE LIABILITY" THE OTHER NUMBERS ARE CORRECT

Bertrand Ltd$.$ for a piece of excavation equipment. The following information relates to the agreement.

$2.$ The asset's fair value at April $1,2023,$ is approximately $\backslash (\backslash$$ $1\mathrm{.}2\backslash )$ million. guaranteed.

$4.$ Cullumber assumes direct responsibility for all executory costs for the excavation equipment.

$5.$ The initial term of the lease agreement requires equal annual rental payments of $\backslash$$$130,000$ to Bertrand, beginning on April $1,2023.$

$6.$ The lessee's incremental borrowing rate is $\backslash (13\backslash \%\backslash ).$ Bertrand's implicit rate is $\backslash (12\backslash \%\backslash )$ and is known to Cullumber.

$7.$ Cullumber has a calendar year end.

Cullumber's operations manager says that there is a $\backslash (85\backslash \%\backslash )$ chance that the renewal period will be exercised.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.

$($a$)$

Your answer is correct.

Lease payments liability $\backslash$$

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Your answer is correct.

Use a spreadsheet to prepare an amortization schedule for Cullumber for the lease term including the expected lease renewal. $($Round answers to $0$ decimal places, e$.$g$.5,275.)$

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$($c$)$

Prepare all of Cullumber's journal entries for fiscal years $2023$ and $2024$ to record the lease agreement and the lease payments. $($List all debit entries before cre

Entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem. Round answers to $0$ decimal places, e$.$g$.5,275.)$

Date

Account Titles and Explanation

Debit

Credit

Right$-$of$-$Use Asset

Lease Liability

Cash

Interest Expense

$]$

$($To record interest.$)$

$($To record depreciation expense.$)$

$$

$119523$

Interest Expense

$($To record interest.$)$

Depreciation Expense

Accumulated Depreciation $-$ Right$-$of$-$Use Asset

$($To record depreciation expense.$)$

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Provide Cullumber's SFP disclosure for all of the amounts that would appear concerning the lease at December $31,2024.($Round answers to $0$ decimal places, e$.$g$.5,275.)$

CULLUMBER MINING CORPORATION

Statement of Financial Position $-$ Partial

December $31,2024$

Property, Plant, and Equipment

Right$-$of$-$Use Asset

Accumulated Depreciation $-$ Right$-$of$-$Use Asset

Liabilities

Current Liabilities

Long$-$term Liabilities

Lease Liability

Total Liabilities

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List of Accounts