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1. Cullumber Company on January 1, 2021, enters into a 9-year noncancelable lease for equipment having an estimated useful life of 10 years and a fair value to the lessor, Daly Corp. at the inception of the loose of $3,800,000. Cullumber's incremental borrowing rate is 8%. Cullumber uses the straight line method to depreciate its assets. The lease contains the following provisions Rental payments of $280,000 are payable at the beginning of each six- month period 2 An option allowing the lessor to extend the lease one year beyond the lease term 3. A guarantee by Culumber Company that Daly Corp. will realize $205,000 from selling the asset at the expiration of the lease. However, the actual residual value is expected to be $140,000 Click here to view factor tables What kind of fease is this to Cullumber Company Finance Lease What should be considered the lease term? The lease term 10 years What is the present value of the lease payments (1) for classification of the tease and (2) for measurement of the least liability (Round Pinot answers to decimal place, 6.9.5,493.) 4051063 2 $ 3957503 What journal entries wovid Cullumber record during the first year of the love (Credit account titles are automatically indented when amount is entered. Do not indent manually. Hound present valve factor calculations to decimal places 1.25124 and the final answer to o decimal placere: 5,278. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit January 1, 2021 might of Use Asset 3957503 Lease Liit 3957503 Date What journal entries would Cullumber record during the first year of the lease? (Credit account titles are automatically indented when amount is entered. Do not indent manually. How present value factor calculations to decimal places, e.g. 1.25124 and the final answer to decimal places e.g. 5,275. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit January 1, 2021 : Right-of-Use Asset 3957503 Lease Liability 3957503 (To record lease) January 1, 2021 Lease Liability 280000 Cash 280000 (To record fiestlease payment) December 31, 2021 : Lease Liability 131376 Interest Expense 148624 Cash 280000 December 31, 2021 (To record amortization) December 31, 2021 : (To record Wrest payment)