Cullumber Ltd., a private corporation adhering to ASPE, enters into a non-cancellable lease agreement on July 1, 2023, to lease equipment from Fong Ltd. The following data are relevant to the lease agreement: 1. The term of the lease is 4 years, with no renewal option. Payments of $152,000 are due on June 30 of each year, with the first payment due June 30, 2024. 2. The fair value of the equipment on July 1,2023 is $492,440. The equipment has an economic life of 6 years with no residual value. 3. Cullumber depreciates similar equipment it owns on the double declining-balance basis. 4. Cullumber's incremental borrowing rate is 11%. The lessee is aware that the lessor used an implicit rate of 9% in calculating the lease payments. 5. Present value factor for 4 periods at 9% is 3.23972; at 11%,3.10245. Include a partial amortization schedule. Prenare the inurnal entries nn Ciulumher's hnoke that relate th the leaep aprepment fnr the fnllnuine itates Inrlurle a nartial