Reference no: EM132567315
Question - On January 1, 2020, Marin Co. leased a building to Cullumber Inc. The relevant information related to the lease is as follows.
The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $4,000,000 (unguaranteed).
The leased building has a cost of $4,500,000 and was purchased for cash on January 1, 2020.
The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value.
Lease payments are $300,000 per year and are made at the beginning of the year.
Cullumber has an incremental borrowing rate of 8%, and the rate implicit in the lease is unknown to Cullumber.
Both the lessor and the lessee are on a calendar-year basis.
Required - Prepare the journal entries that Cullumber should make in 2020.
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