TABLE 6.3 Future Value of an Ordinary Annuity of 1 FVFOAmi=i(1+i)n1 Assume that IBM leased equipment that was carried at a cost of $183.000 to Cullumber Company. The term of the lease is 4 years beginning December 31,2024 , with equal rental payments of $30,044 beginning December 31,2024 . The fair value of the equipment at commencement of the lease is $107,470. The equipment has a useful life of 4 years with no salvage value. The lease has an implicit interest rate of 8%, no bargain purchase option, and no transfer of title. Collectibility of lease payments for 18M is probable. Prepare IBM's December 31, 2024, journal entries at commencement of the lease. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. For calculation purposes, use 5 decimal places as displayed in the foctor table provided and round final answers to 0 decimal places eg. 5,275.) Click here to view factor tables. TABLE 6.2 Present Value of 1 (Present Value of a Single Sum) PVFnu=(1+i)n1=(1+i)n TARI F 6 . A Precent Value of an Ordinarv Annuitv of 1 TABLE 6.5 Present Value of an Annuity Due of 1 PVFADn=1+i1(1+i)n11 (n) Click here to vicw factor tables. TABLE 6.4 Present Value of an Ordinary Annuity of 1 TABLE 6.1 Future Value of 1 (Future Value of a Single Sum) FVFnj=(1+i)n TABLE 6.1 Future Value of 1 TABLE 6.2 Present Value of 1 TABLE 6.3 Future Value of an Ordinary Annuity of 1