Cullumber Corp., which uses IFRS, signs non$-$renewable, non$-$cancellable lease agreement to lease robotic equipment from Blossom Inc. The following information concerns the lease agreement.

$\backslash$table$[[$Inception date,January $1,2023],[$Lease term,$5340,000],[$Fair value of equipment Jan. $1,2023,7$ years$],[$Economic life of leased equipment,$$57,871$