Exercise 21-1 On January 1, 2017, Cullumber Corporation signed a 5-year noncancelable lease for a machine....

Question:

Exercise 21-1 On January 1, 2017, Cullumber Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Cullumber to make annual payments of $8,482 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful le of 6 years and a$5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Oulumber uses the straight-line method of depreciation for all of its plant assets. Cullumber's incremental borrowing rate is 9%, and the lessor's implicit rate is unknown. Click here to view factor tables Compute the present value of the minimum lease payments (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to o decimal places e.g. 58,971.) The present value of the minimum lease payments SHOW LIST OF ACCOUNTS LINE TO TEXT
Prepare all necessary journal entries for Qullumber for this through anuary 1, 2018. (Credit account ales are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No Entry for the account titles and enter for the amounts. Round answers to decimal places g. 58.971.) Date Account Titles and Explanation Debit Credit (To record the lease) (To record first payment.) (To record depreciation) (Te record interest.) 1/1/18 (To record second payment.) Click if you would like to show Work for this questions on Show Work

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