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Cullumber Ltd., a public company following IFRS 16, recently signed a lease for equipment from...

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Cullumber Ltd., a public company following IFRS 16, recently signed a lease for equipment from Costner Ltd. The lease term is 7 years and requires equal rental residual value. Cullumber pays all executory costs directly to third parties. The appropriate interest rate is 4%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Using tables, a financial calculator, or Excel functions, calculate the amount of the right-of-use asset and lease liability. Prepare the initial entry to reflect the signing Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)

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