Cullumber, Inc. has entered an agreement to lease an old warehouse with a useful life of 5 years and a fair value of $26,000 from Ivanhoe Corporation. The ackeement stipulates the following. - Rental payments of $5,823 are to be made at the start of each year of the 5 -year lease. No residual value is expected at the end of the lease. - Cullumber must reimburse Ivanhoe each year for any real estate taxes incurred for the year. Last year, the cost of real estat taxes was $800, though these costs vary from year to year. - Cullumber must make a payment of $500 with the rental payment each period to cover the insurance Ivanhoe has on the warehouse. - Cullumber paid legal fees of $3,000 in executing the lease. Assuming Cullumber's incremental borrowing rate is 6% and the rate implicit in the lease is unknown, prepare the journal entry to record the initial lease liability and right-of-use asset for Cullumber. (List all debit entries before credit entries. Credit occount tities are outomatically indented when the amount Is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles an enter 0 for the amounts. For calculation purposes, use 5 decimal places as displayed in the foctor table provided and round final answers to 0 decimal places, e.8. 5,275.)