Current Attempt in Progress - Your answer is partially correct. Ivanhoe plc leased machinery from Young Ltd. on January 1, 2022. The lease term was for 8 years, with equal annual rental payments of 5,300 at the beginning of each year. In addition, the lease provides an option to purchase the machinery at the end of the lease term for 1,500, which Ivanhoe is reasonably certain it will exercise, as it believes the fair value of the machinery will be at least 5,000. The machinery has a useful life of 10 years and a fair value of 43,000. The implicit rate of the lease is not known to Ivanhoe. Ivanhoe's incremental borrowing rate is 10%. Click here to view factor tables. Prepare Ivanhoe's 2022 journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation 1/1/22 1/1/22 12/31/22 12/31/22 Right-of-Use Asset Lease Liability (To record lease liability) Lease Liability Cash (To record lease payment) Interest Expense Lease Liability (To record interest expense) Depreciation Expense Right-of-Use Asset (To record amortization of the right-of-use asset) Debit 43,000 5,300 3,770 5,375 Credit 43,000 5,300 3,770 5,375