Crane Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $154,350 on May 1, 2020. The interest rate is 11%. Crane made the first lease payment of $29,509 on May 1, 2020. The lease requires a total of 7 annual payments. The equipment has a useful life of 7 years with no residual value. Prepare Cranes December 31, 2020 adjusting entries.

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title to record interest on December 31	enter a debit amount	enter a credit amount
	enter an account title to record interest on December 31	enter a debit amount	enter a credit amount
	(To record interest.)
Dec. 31	enter an account title to record depreciation expense on December 31	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense on December 31	enter a debit amount	enter a credit amount
	(To record depreciation expense.)