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. Prepare the subsequentjournal entries on Sheridan Corp's books to record the payments and expenses related to this lease for the years 2020 and 2021 as well as any adjusting journal entries at its fiscal year ends of December 31, 2020 and 2021. Sheridan does not use reversing entries. (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 for the amounts. Round answers to 2 decimal places, eg. 5,125.76.) Debit Credi Date Dec 31, 2021 267000 Account Titles and Explanation Right-of-Use Asset Lease Liability (To record insurance expense) Amortization Expense Accumulated Depreciation-Right-of-Use Asset (To record depreciation) Insurance Expense Lease Liability (To record interest) June 30, 2021 July 1.2021 Lease Receivable Cost of Goods Sold Sales Revenue Inventory Dec 31, 2020 Lease Liability Cash (To record insurance expense) Depreciation Expense Accumulated Depreciation - Right-of-Use Asset (To record depreciation) Insurance Expense Lease Liability (To record interest)