On January 1, 2020, Tamarisk Co. leased a building to Carla Vista 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 $2.700.000 (unguaranteed).

The leased building has a cost of $3,200,000 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 $260,000 per year and are made at the beginning of the year.

Carla Vista has an incremental borrowing rate of 8%, and the rate implicit in the lease is unknown to Carla Vista.

Both the lessor and the lessee are on a calendar-year basis.

PLEASE CALCULATE: If Carla Vista paid $25,000 to a real estate broker on Jan1. 2020 as a fee for finding the lessor what is the initial measurement of the right of use asset?

Prepare the journal entries that Carla Vista should make in 2020 (Dedit account titles are automatically indented when amount entered Do not indent manually Round uniwers to 0 decimal places eg 5.275. Recond jumal entries in the order presented in the problem Date Account Titles and Explanation 11/20 13/20 v Debit (To record the lease) 280000 Credit 20000 Ca (To record lease payment) 340000 12/01/30 v Les Expens 129935 Textbook and Media List of Accounts of the right-of-use a 1000 Attempts 1 of 3d etate trker on January 2020 few for foding the less what is the initial