Example: (Guaranteed RV) Diamond Corporation entered into a lease agreement of equipment with a fair value of $160,000 on January 1, 2020. The lease term is six years and requires annual payments of $32,000 at the beginning of each year with first payment due on January 1, 2020. Lease rental includes $2,000 for annual maintenance cost. Diamond also guarantees a residual value $5,000 at the end of the lease term. At the end of lease term, asset reverts back to Lessor. Diamonds incremental borrowing rate is 9% and implicit rate in the lease agreement is 8%. Perform entries if Diamond follows ASPE and if Diamond follows IFRS.