TABLE 6 Present Value of an Annuity Due of $1 PVAD=21(1+i)n1(1+i) Cullumber Corporation enters into a 6-year lease of equipment on December 31,2024, which requires 6 annual payments of $36,500 each, beginning December 31,2024 . In addition, Cullumber guarantees the lessor a residual value of $18,700 at the end of the lease. However, Cullumber believes it is probable that the expected residual value at the end of the lease term will be $9,350. The equipment has a useful life of 6 years. Prepare Cullumbers' December 31,2024 , journal entries, assuming the implicit rate of the lease is 10% and this is known to Cullumber. (List all debit entries before credit entries. Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the omounts. For colculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places es. 5,275.) Click here to view factor tables. TABLE 4 Present Value of an Ordinary Annuity of $1 PVA=i1(1+)1 2 Present Value of $1