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This is Canadian accounting Please answer if 100% sure Please do consider the no. of Blanks (Don't exceed it for the journal entries)!! Current Attempt
This is Canadian accounting
Current Attempt in Progress Cullumber Corporation owned a manufacturing facility. Cullumber had purchased the building for $9,000,000, and had recorded $4,080,000 depreciation on the facility. On January 1,2023, Cullumber sold the building to Blossom Ltd, for $5,916,000, and then immediately signed a 35-year agreement to lease back the building for annual payments of $557.662, due at the start of each year. Title to the building would return to Cullumber at the conclusion of the lease. Blossom's implied interest rate, which was known to Cullumber, was 10% Prepare the journal entries to be recorded by Cullumber for the 2023 fiscal year and January 1, 2024 payment (assuming a December 31 year-end, and that Cullumber follows ASPE). (List all debit entries before credit entries. Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit I (To record sale of building) (To record inception of lease) (To record inception of lease) (To record lease payment) (To record depreciation expense) (To record amortization of deferred gross profit) (Torecord depreciation expense) (Torecord amortization of deferred gross profit) (To record interest) (To record lease payment) Please answer if 100% sure
Please do consider the no. of Blanks (Don't exceed it for the journal entries)!!
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