Cullumber Corporation enters into a 6-year lease of equipment on December 31, 2016, which requires 6 annual payments of $41,600 each, beginning December 31, 2016. In addition, Cullumber guarantees the lessor a residual value of $19,800 at the end of the lease. However, Cullumber believes it is probable that the expected residual value at the end of the lease term will be $9,800. The equipment has a useful life of 6 years. Prepare Cullumbers, December 31, 2016, journal entries assuming the implicit rate of the lease is 10% and this is known to Cullumber. (credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places e.g. 5,275.) er view the factor tabl Account Titles and Explanation Debit December 31, 2016 Leased Equipment 211583 Lease Liability 211583 (To record the lease liability) December 31, 2016Lease Liability 41600 Cash 41600 (To record lease payment) 8% 9% 10% 11% 12% 15% (n) Periods 92593 .91743 .90909 .90090 .89286 .86957 85734 .84168 .82645 .81162 .79719 .756142 79383 .77218 .75132 .73119 .71178 .65752 3 73503 .70843 .68301 .65873.63552 .57175 68058 .64993 .62092 .59345 .56743 .497185 63017 .59627 .56447 53464 .50663 43233 6 4