if I can get the breakdown that would be much appreciated. thank you in advance

I don't know whether the accounts are right or not so please correct them if needed

Sheridan Corp., which uses IFRS, signs a 4-year, non-cancellable lease agreement to lease equipment from Labelle Ltd. The following information concerns the lease agreement. 1. 2. 3. The equipment's fair value on July 1, 2020 is $267,000. The agreement requires equal rental payments of $59,500 beginning on July 1, 2020. The equipment has an estimated economic life of 5 years, with an unguaranteed residual value of $86,600. Sheridan Corp. depreciates similar equipment using the straight-line method, with no residual value. The lease is non-renewable. At the termination of the lease, the equipment reverts to Labelle. Sheridan's incremental borrowing rate is 5% per year. The lessor's implicit rate is not known by Sheridan Corp. The yearly rental payment includes $7,126.37 of executory costs related to insurance on the equipment. 4. 5. 6. Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) $ 221533.375 The amount of the right-of-use asset Prepare the initial entry to reflect the signing of the lease agreement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date July 1, 2020 Lease Receivable Cost of Goods Sold Sales Revenue Inventory