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Question 4 of 7 - / 13 The following facts are for a non-cancellable lease agreement between Cullumber Corporation and Russell Corporation, a lessee: July 1, 2020 $ 20,239.62 $ 4,600.00 5 years Inception date Annual lease payment due at the beginning of each year, starting July 1, 2020 Bargain purchase option price at end of lease term reasonably certain to be exercised by Russell Lease term Economic life of leased equipment Lessor's cost Fair value of asset at July 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate 10 years $ 53,000.00 $ 88,800.00 9% 9% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties about costs that have not yet been incurred by the lessor. The lessee assumes responsibility for all executory costs. Both Russell and Cullumber use IFRS 16. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Calculate the amount of gross investment at the inception of the lease for Cullumber Corporation, the lessor. (Round answers to 2 decimal places, eg. 52.75.) Gross investment $ List of Accounts Calculate the amount of net investment at the inception of the lease for Cullumber Corporation, the lessor. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75.) Net investment $ List of Accounts Prepare a lease amortization schedule using a computer spreadsheet for Cullumber Corporation for the five-year lease term. (Round answers to 2 decimal places, e.g. 52.75.) Cullumber Leasing Corporation (Lessor) Lease Amortization Schedule Annual Lease Payment Plus PO Interest on Net Investment Net Investment Recovery Balai of N Investi Date 7/1/20 $ 7/1/20 $ 7/1/21 $ 7/1/22 7/1/23 7/1/24 6/30/24 $ $ Prepare a lease amortization schedule using a computer spreadsheet for Cullumber Corporation for the five-year lease term. (Round answers to 2 decimal places, eg. 52.75.) Cullumber Leasing Corporation (Lessor) Lease Amortization Schedule Annual Lease Payment Plus PO Interest on Net Investment Net Investment Recovery Balance of Net Investment $ $ $ $ $ $ List of Accounts Prepare the journal entries to reflect the signing of the lease and to record the receipts and income related to this lease for the years 2020, 2021, and 2022. The lessor's accounting period ends on December 31, and Cullumber Corporation does not use reversing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Date Account Titles and Explanation Debit Credit 7/1/20 (To record lease and cost of goods sold.) (To record interest.) (Collection of lease payment.) (To record interest.) (To record interest.) 142 (To record lease and cost of goods sold.) (To record interest)