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Prepare the required entries made by cullumber corp on jan

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Problem 1: Cullumber Corp. agreed to lease property from Marigold Corp. effective January 1, 2020, for an annual payment of $27,482, beginning January 1, 2020. The property is made up of land with a fair value of $116,000 and a two-storey office building with a fair value of $168,000 and a useful life of 25 years with no residual value. The implicit interest rate is 9.5%, the lease term is 25 years, and title to the property is transferred to Cullumber at the end of the lease term. Prepare the required entries made by Cullumber Corp. on January 1, 2020, and at its year end of December 31, 2020. Both Cullumber and Marigold use ASPE.

Reference no: EM132755044

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