On January 1, 2025, Marin Co. Ieased a building to Cullumber inc. The relevant information related to the lease is as tollows. 1. The lease arrange ment as for 10 years. The building is expected to have a residual value at the end of the lease of $4,000,000 (unguaranteed), 2. The leased bullding has a cost of $4,500,000 and was purchased for cash on Jamuary 2,2025. 3. The building is depreciated on a straight-line basis, its estimated economic tife is so years with no salvage value. 4. Lease paycnents are \$300,000 per year and are made at the beginning of the year- 5. Cullumber has an increnvental borrowing rate of 83 , and the rate implicit in the lease is unknown to Cullumber. 6. Both the lessor and the lessee are on a calendar-year basio. Click here to viewiscter tibles (forcalculation purpases use 5 decinal places as displayed in the foctor table provided) (a) Prepare the journal entries that Marin should make in 2025. (Lbit all debit entries before credit ontries. Credit account eities are automatically indented when anount is entered. Do not indent marually, Record journal entries in the onder presented In the probiem. If no entry is requlied, sebect "No Entry" for the account titlei and enter of for the amounts). (To record cost of the building) (To record receipt of lease payment) (To record the recognition of the revenue esch period)