On January 1, 2020, Culver Corp. leased a building to FRN Inc. Both companies follow ASPE. The lease arrangement was for 10 years. The leased building cost $3,600,000 and was purchased for cash on January 1, 2020. The building was to be depreciated on a straight- line basis over its estimated economic life of 50 years. The lease called for payments of $276,000 per year, made at the end of the year. Property tax expense of $66,000 and insurance expense of $5,000 on the building were incurred by Culver in the first year. Payment on these two items was made at the end of the year. 1 Your answer is partially correct. Prepare the journal entries made by Culver Corp. in 2020 assuming Culver prepares financial statements annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Buildings Cash (To record purchase of building.) Dec 31, 2020 Cash Lease Receivable (To record collection of rent.) | 1 Unearned Rent Revenue Lease Receivable (To record depreciation expense.) (To record depreciation expense.) Depreciation Expense Accumulated Depreciation - Leased Buildings (To record payment of insurance and property taxes.) Your answer is partially correct. Prepare the journal entry made by FRN Inc. in 2020 assuming FRN prepares financial statements annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Depreciation Expense Accumulated Depreciation - Leased Buildings (To record rent payment.)