Question: Multiple Choice Question 109 On December 31, 2018, Cullumber Corp. sold a machine to Ryan and simultaneously leased it back for one year. Pertinent information

Multiple Choice Question 109 On December 31, 2018, Cullumber Corp. sold

Multiple Choice Question 109 On December 31, 2018, Cullumber Corp. sold a machine to Ryan and simultaneously leased it back for one year. Pertinent information at this date follows: $1090000 999000 Sales price Carrying amount Present value of reasonable lease rentals ($9100 for 12 months @ 10%) Estimated remaining useful life 99273 12 years In Cullumber's December 31, 2018 balance sheet, the deferred profit from the sale of this machine should be $0. $99273. $91000. o O $8273

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