Cullumber Company, a machinery dealer, leased a machine to Ivanhoe Corporation on January 1,2025. The...
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Cullumber Company, a machinery dealer, leased a machine to Ivanhoe Corporation on January The lease is for an year period and requires equal annual payments of $ at the beginning of each year. The first payment is received on January Cullumber had purchased the machine during for $ Collectibility of lease payments by Cullumber is probable. Cullumber set the annual rental to ensure a rate of return. The machine has an economic life of years with no residual value and reverts to Cullumber at the termination of the lease. 
Cullumber Company, a machinery dealer, leased a machine to Ivanhoe Corporation on January The lease is for an year period and requires equal annual payments of $ at the beginning of each year. The first payment is received on January Cullumber had purchased the machine during for $ Collectibility of lease payments by Cullumber is probable. Cullumber set the annual rental to ensure a rate of return. The machine has an economic life of years with no residual value and reverts to Cullumber at the termination of the lease.
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