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Cullumber Corporation entered into an operating lease agreement to lease equipment from Blossom, Inc. on...

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Accounting

Cullumber Corporation entered into an operating lease agreement to lease equipment from Blossom, Inc. on January 1,2025. The lease calls for annual lease payments of $28,000, beginning on January 1, for each of the 3 years of the lease. In addition, Blossom will pay Cullumber $7,000 as a cash incentive for entering the lease by January 1,2025. In relation to the lease agreement, Cullumber incurred the following costs.
\table[[Salaries of employees involved in the investigation of the lease,$3,000
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