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Question 24 View Policies Current Attempt in Progress Cullumber Co. leased machinery from Young, Inc. on January 1, 2020. The lease term was for 8 years, with equal annual rental payments of $5,900 at the beginning of each year. In addition, the lease provides an option to purchase the machinery at the end of the lease term for $3,500, which Cullumber is reasonably certain it will exercise as it believes the fair value of the machinery will be at least $6,000. The machinery has a useful life of 10 years and a fair value of $41,000. The implicit rate of the lease is not known to Cullumber. Cullumber's incremental borrowing rate is 6%. Prepare Cullumber's 2020 journal entries. (Credit account titles are automatically indented when the 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 decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Click here to view factor tables. Date Account Titles and Explanation Debit Credit 1/1/20 . Right-of-Use Asset Lease Liability (To record lease liability) 4 5900 1/1/20 Lease Liability 5900 Cash (To record lease payment) Interest Expense 12/31/20 Lease Liability C Date Debit *Credit Account Titles and Explanation Right-of-Use Asset 1/1/20 Lease Liability (To record lease liability) Lease Liability 1/1/20 5900 Cash 5900 (To record lease payment) 12/31/20 Interest Expense Lease Liability (To record interest expense) 12/31/20 = Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) eTextbook and Media List of Accounts Save for Later Last saved 1 day ago Attempts: 0 of 5 used