Brief Exercise 20-9 Pharoah Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $210,600 on May 1, 2020. The interest rate is 13%. Pharoah made the first lease payment of $36,318 on May 1, 2020. The lease requires a total of 9 annual payments. The equipment has a useful life of 9 years with no residual value. Assume that at December 31, 2020, Pharoah made an adjusting entry to accrue interest expense of $15,104 on the lease. Prepare Pharoah's May 1, 2021 journal entry to record the second lease payment of $36,318. Assume that no reversing entries are made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit May 1 Brief Exercise 20-6 Crane Ltd., a public company following IFRS 16, recently signed a lease for equipment from Costner Ltd. The lease term is 6 years and requires equal rental payments of $18,893 at the beginning of each year. The equipment has a fair value at the lease's inception of $103,000, an estimated useful life of 6 years, and no residual value. Crane 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 of the lease agreement and the first payment under the lease. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit