Ivanhoe Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Criole Inc. The following information concerns the lease agreement. Inception date January 1, 2023 Lease term 5years Fair value of equipment Jan. 1, 2023 $240,000 Economic life of leased equipment 7 years Annual rental payments starting Jan. 1, 2023 440,850 Option to purchase at the end of the term none Depreciation method Straight-line Residual value none Ivanhoe's incremental borrowing rate 6% Click here to view the factor table PRESENT VALUE OF AN ANMUITY DUE. (a) 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 O decimal places, eg. 5,275.) The amount of the right-of-use asset $ Prepare the initial entry to reflect the signing of the lease agreerment. (Round answers to 0 decimal places, e.g. 5,125. List all debit entries before credit 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2023 eTextbook and Media