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Multiple Choice Question 109 On December 31, 2018, Cullumber Corp. sold a machine to Ryan and simultaneously leased it back for one year. Pertinent information
Multiple Choice Question 109 On December 31, 2018, Cullumber Corp. sold a machine to Ryan and simultaneously leased it back for one year. Pertinent information at this date follows: $1090000 999000 Sales price Carrying amount Present value of reasonable lease rentals ($9100 for 12 months @ 10%) Estimated remaining useful life 99273 12 years In Cullumber's December 31, 2018 balance sheet, the deferred profit from the sale of this machine should be $0. $99273. $91000. o O $8273
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