answer all questions and requirements in detail !!!

1 2 Marin Corporation leases a building to Cullumber, Inc on January 1, 2020. The following facts pertain to the lease agreement The lease term is 10 years with equal annual rental payments of $3,852 at the end of each year, Ownership does not transfer at the end of the lease term, there is no bargain purchase option, and the asset is not of a specialized nature The building has a fair value of $35,500, a book value to Marin of $22,700, and a useful life of 15 years. At the end of the lease term, Marin and Cullumber expect the residual value of the building to be $12,800, and this amount is guaranteed by Money, Inc., a third party, Marin wants to earn a 6% return on the lease, and collectibility of the payments is probable. 3. 4 5. Click here to view factor tables (For calculation purposes, use 5 decimal places as displayed in the factor table provided) Determine the nature of this lease to both Marin and Cullumber. The lease is a/an to Marin. The lease is a/an V to Cullumber. Assume the present value of lease payments and third-party guarantee is $35,500 and the rate of return to amortize the net lease receivable to zero is 14.80%. Prepare the amortization schedules Marin would use to amortize the net lease receivable to zero. (Round answers to decimal places, eg. 5,275.) MARIN CORPORATION (Lessor) Lease Amortization Schedule Sales-Type Lease Interest on Recovery of Lease Receivable Lease Receivable Date Annual Lease Payment Lease Re 1/1/20 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 Date Payment Lease Receivable Lease Receivable Lease Re 1/1/20 $ 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 12/31/29 12/31/30 *Rounded $3 MARIN CORPORATION (Lessor) Lease Amortization Schedule Direct Financing Lease Interest on Recovery of Lease Receivable Lease Receivable Annual Lease Payment Date Lease R 1/1/20 S $ 12/31/20 I 12/31/21 12/3122 12/31/23 12/31/24 12/3125 12/31/26 Prepare the journal entries to record the entries for Marin for 2020 and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Prepare the journal entries for Cullumber (the lessee) for 2020 and 2021, assuming the rate implicit in the lease is known to Cullumber. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers too decimal places, eg. 5,275. Record joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit