Current Attempt in Progress On January 1, 2020, Blossom Corp.which uses IFRS, signs a 10-year. non-cancellable lease agreement to lease a specialty lathe from Liu Inc. The following information concerns the lease agreement. 1. 2 3. The agreement requires equal rental payments of $85,476 beginning on January 1, 2020, The lathe's fair value on January 1, 2020, is $540,000. The lathe has an estimated economic life of 12 years with an unguaranteed residual value of $15,000. Blossom Corp. depreciates similar equipment using the straight line method. The lease is no renewable. At the termination of the lease, the lathe reverts to the lesson Blossom's incremental borrowing rate is 11% per year. The lesson's implicitrate is not known by Blossom Corp The yearly rental payment includes $2.869.90 of executory costs related to insurance on the lathe. 4 5 6 Assume this is a manufacturer/dealer lease Chen tortabie PRESENT VALUE OF Payment Excluding Executory Costs Interest on Unpaid Obligation Reduction of Lease Obligation B ol Ob Date $ $ Jan 1, 2020 Jan 1.2021 Jan 1.2022 Jan 1, 2023 Jan 1, 2024 Jan 1, 2025 Jan. 1. 2026 Jan 1, 2022 Jan 1.2023 Jan 1, 2024 Jan 1, 2025 Jan 1, 2026 Jan. 1. 2027 Jan 1, 2028 Jan. 1. 2029 $ $ $ ENG Interest on Unpaid Obligation Reduction of Lease Obligation Balance of Lease Obligation $