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Oakridge Leasing Corporation signs an agreement on January 1, 2020, to lease equipment to Cullumber Limited. Oakridge and Cullumber follow ASPE. The following information relates to the agreement. 1. 2. 3. 4. The term of the non-cancellable lease is five years, with no renewal option. The equipment has an estimated economic life of six years. The asset's fair value at January 1, 2020, is $87,500. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $6,700, which is not guaranteed. Cullumber Limited assumes direct responsibility for all executory costs, which include the following annual amounts: $950 to Rocky Mountain Insurance Ltd. for insurance and $1,630 to James Township for property taxes. The agreement requires equal annual rental payments of $19,611 to Oakridge, the lessor, beginning on January 1, 2020. The lessee's incremental borrowing rate is 10%. The lessor's implicit rate is 9% and is known to the lessee. Cullumber Limited uses the straight-line depreciation method for all equipment. Cullumber uses reversing entries when appropriate. 5. 6. 7. 8. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. * Your answer is incorrect. Calculate the PV of the future minimum lease payments using any of the following methods: (1) factor tables, (2) a financial calculator, or (3) Excel functions. (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, e.g. 1,452.) Present value $ $ Prepare an amortization schedule for Cullumber Limited for the lease term. (Hint: You may find the ROUND formula helpful for rounding in Excel.) (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to decimal places, e.g. 1,452.) Cullumber Limited (Lessee) Lease Amortization Schedule Annual Lease Date Payment Interest on Unpaid Obligation Reduction of Lease Obligation Balance of Lease Obligation 1/1/20 $ 1/1/20 $ $ $ 1/1/21 1/1/22 1/1/23 1/1/24 $ $ $ $ $ $ eTextbook and Medial List of Accounts