Question: Question 5 of 9 - / 5 E View Policies Current Attempt in Progress Cullumber Corporation, which uses ASPE, enters into a 6-year lease of

Question 5 of 9 - / 5 E View Policies Current Attempt in Progress Cullumber Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020, that requires 6 annual payments of $30,000 each, beginning September 1, 2020. The equipment has a useful life of seven years. Assume that a residual value of $16,000 is expected at the end of the lease, but that Cullumber does not guarantee the residual value. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Using (1) tables, (2) a nancial calculator, or (3) Excel functions, calculate the amount of the capital lease. Prepare Cullumber's September 1, 2020 journal entry, assuming an interest rate of 12% and that Merrill also uses ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round factor values to 5 decimal places, as. 1.25124 and nal answers to 0 decimal places, e3. 5,275.} Account Titles and Explanation Debit Credit lr ll ll l (To record inception of lease and rst lease payment.) eTextbook and Media List of Accounts Save for Later Last saved 14 minutes ago. Attempts: 0 of 3 used Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes

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