Coronado Corp., which uses IFRS, signs a 4-year, non-cancellable lease agreement to lease equipment from Labelle Ltd. The following information concerns the lease agreement. 1. 2. 3. The equipment's fair value on July 1, 2020 is $267.000. The agreement requires equal rental payments of $59,500 beginning on July 1, 2020. The equipment has an estimated economic life of 5 years, with an unguaranteed residual value of $86,600. Coronado Corp. depreciates similar equipment using the straight-line method, with no residual value. The lease is non-renewable. At the termination of the lease, the equipment reverts to Labelle. Coronado's incrementat borrowing rate is 5% per year. The lessor's implicit rate is not known by Coronado Corp. The yearly rental payment includes $7,126.37 of executory costs related to insurance on the equipment. 4. 5. 6. Prepare the subsequent journal entries on Coronado Corp's books to record the payments and expenses related to this lease for the years 2020 and 2021 as well as any adjusting journal entries at its fiscal year ends of December 31, 2020 and 2021 Coronado does not use reversing 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 for the amounts. Round answers to 2 decimal places, eg. 5,125.76) Date Account Titles and Explanation Debit Cred (To record insurance expense) (To record depreciation) (To record interest li July 1, 2021 (To record insurance expense) 332 Do recedenzaciation (To record depreciation) (To record interest) e Textbook and Media List of A counts