Question 9 of 9 View Policies Show Attempt History < > Current Attempt in Progress Your answer is incorrect. 0/1 E On December 31, 2019, Cullumber Company leased machinery from Terminator Corporation for an agreed upon lease term of 3 years. Cullumber agreed to make annual lease payments of $22,000, beginning on December 31, 2019. The expected residual value of the machinery at the end of the lease term is $11,000. Cullumber guarantees a residual value of $11,000 at the end of the lease term. which equals the expected residual value of the machinery. What amount will Cullumber record as its lease liability if the expected residual value at the end of the lease term is $7,000 and Cullumber guarantees a residual of $11,000. Its incremental borrowing rate is 6% and the implicit rate of the lease is unknown? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places, e.g. 5,275.) Click here to view factor tables. Lease liability $ eTextbook and Media