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On January 1, 2020, Cullumber Ltd., which uses ASPE, sold a truck to Waterway Finance Corp. for $80,000 and immediately leased it back. The truck was carried on Cullumber's books at $70,000, net of $34,500 of accumulated depreciation. The term of the lease is five years, and title transfers to Cullumber at lease end. The lease requires five equal rental payments of $21,104, with each payment made at year end. The appropriate rate of interest is 10%, and the truck has a useful life of five years with no salvage value.
Problem 1: Prepare Cullumber's 2020 journal entries including any year-end adjusting entries at December 31, 2020
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