On January 1, 2025, Marin Co. leased a building to Cullumber Inc. The relevant information related...

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On January 1, 2025, Marin Co. leased a building to Cullumber Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $2,900,000 (unguaranteed). 2. The leased building has a cost of $3,400,000 and was purchased for cash on January 1, 2025. 3. The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. 4. Lease payments are $255,000 per year and are made at the beginning of the year. 5. Cullumber has an incremental borrowing rate of 8%, and the rate implicit in the lease is unknown to Cullumber. 6. Both the lessor and the lessee are on a calendar-year basis. Click here to view factor tables. If Cullumber paid $35,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measurement of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset On January 1, 2025, Marin Co. leased a building to Cullumber Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $2,900,000 (unguaranteed). 2. The leased building has a cost of $3,400,000 and was purchased for cash on January 1, 2025. 3. The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. 4. Lease payments are $255,000 per year and are made at the beginning of the year. 5. Cullumber has an incremental borrowing rate of 8%, and the rate implicit in the lease is unknown to Cullumber. 6. Both the lessor and the lessee are on a calendar-year basis. Click here to view factor tables. If Cullumber paid $35,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measurement of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset