Problem 6-1 Answer each of these unrelated questions. On January 1, 2017, Cullumber Corporation sold a building that cost $257,510 and that had accumulated depreciation of $102,150 on the date of sale. Cullumber received as consideration a $247,510 non-interest-bearing note due on January 1, 2020. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2017, was 9%. At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to decimal places, e.g. 458,581.) The amount of gain should be reported On January 1, 2017, Cullumber Corporation purchased 325 of the $1,000 face value, 996, 10-year bonds of Walters Inc. The bonds mature on January 1, 2027, and pay interest annually beginning January 1, 2018. Cullum ber purchased the bonds to yield 11%. How much did Cullumber pay for the bonds? (Round factor values to 5 decimal places, e.g. 1.251 24 and final answer to O decimal places, e.g. 458,581.) Cullumber must pay for the bonds s Cullum ber Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,800 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 6% applies to this contract, how much should Cullumber record as the cost of the machine? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Cost of the machine to be recorded Cullumber Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Cullumber should pay $21,960 at the time of purchase and $5,430 at the end of each of the next 8 years. The tractor should be recorded on December 31, 2017, at what amount, assuming an appropriate interest rate of 12%? (Round factor values to 5 decimal places, eg, 1.25124 and final answer to O decimal places, e.g. 458,581.) Cost of tractor to be recorded Cullumber Corporation wants to withdraw $126,920 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning of the first year if the fund earns 11%? (Round factor values to 5 decimal places, eg. 1.25124 and final answer to 0 decimal places, eg. 458,581.) Required initial investment s