On January 1, 2020, Marin Co. leased a building to Cullumber Inc. The relevant information related to the lease is as follows. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $4,000,000 (unguaranteed). The leased building has a cost of $4,500,000 and was purchased for cash on January 1, 2020. The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. Lease payments are $300,000 per year and are made at the beginning of the year. Cullumber has an incremental borrowing rate of 8%, and the rate implicit in the lease is unknown to Cullumber. Both the lessor and the lessee are on a calendar-year basis. QWPPN!' Prepare the journal entries that Cullumber should make in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Ties and Explanation Debit Credit [1/1/20 v Right-of-Use Asset | 2174067 | Lease Liability 21740 67 (To record the lease) [1/1/20 v Lease Liability | 300,000 | Cash | 300,000] (To record lease payment) [ 12/31/20 v Lease Expense I 300,000 I Lease Liability Rig ht-ofUse Asset