Concord Manufacturing Ltd. agrees to lease equipment to Bridgeport Lte. on July 15, 2023. Concord follows ASPE and Bridgeport is a public company following IFRS. The following information relates to the lease agreement: 1. The lease term is seven years, with no renewal option, and the equipment has an estimated economic life of nine years. 2. The equipment's cost is $422,000 and the asset's fair value on July 15, 2023, is $549,200. 3. At the end of the lease term, a payment to Concord, the lessor, in the amount of $92,000 is expected to be payable by Bridgeport, the lessee, under a residual value guarantee. Bridgeport depreciates all of its equipment on a straight-line basis. 4. The lease agreement requires equal annual rental payments beginning on July 15, 2023. 5. Concord usually sells its equipment to customers who buy the product outright, but Bridgeport was unable to get acceptable financing for a cash purchase. Concord's credit investigation on Bridgeport revealed that the company's financial situation was deteriorating. Because Bridgeport had been a good customer many years ago, Concord agreed to enter into this lease agreement, but used a higher-than-usual 12% interest rate in setting the lease payments. Bridgeport is aware of this rate. 6. Concord is uncertain about what additional costs it might have to incur in connection with this lease during the lease term, although Bridgeport has agreed to pay all executory costs directly to third parties. 7. Concord incurred legal costs of $2,500 in early July 2023 in finalizing the lease agreement.

Bridgeport Ltee: A right-of-use asset lease

Concord Manufacturing: An operating lease

Annual Rental Payment: $99,793

Please complete part c journal entries for Bridgeport with above information provided.

d. From the information you have calculated and recorded, identify all balances related to this lease that would be reported on Labonts December 31, 2023 statement of financial position and statement of income, and where each amount would be reported.

e. Prepare the journal entries that LePage would make in 2023 and 2024 related to the lease arrangement, assuming that the company has a December 31 fiscal year end and does not use reversing entries. Round amounts to the nearest dollar.

f. From the information you have calculated and recorded, identify all balances related to this lease that would be reported on LePages December 31, 2023 statement of financial position and statement of income, and where each amount would be reported.

Thank you

Prepare the journal entries that Bridgeport would make in 2023 and 2024 related to the lease arrangement, assuming that the company has a December 31 fiscal year end and that it does not use reversing entries. (List all debit entries before credit entries. 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.)