Ivanhoe Corporation, which uses ASPE, manufactures replicators, On May 29, 2020, it leased to Swifty Limited a replicator that cost $266,600 to manufacture and usually sells for $414,000. The lease agreement covers the replicator's 6 -year useful life and requires six cqual annual rentals of $84,416 each, beginning May 29, 2020. The equipment reverts to Ivanhoe at the end of the lease, at which time it is expected that the replicator will have a residual value of $49,900, which is not guaranteed by 5 wifty, the lessee. An interest rate of 12% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUTY DUE. Prepare Ivanhoe's May 29,2020 journal entries. ICredit occount tities are outomotically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the occount tittes and enter 0 for the amounts. Round factor values to 5 decimal ploces, es. 1.25124 and final answers to 0 decimal places es 5,275.) Date Account Titles and Explanation Debit Credit May 29 (To record inception of lease.) May 29 Cash tease Recelvable 84416 (Collection of first lease payment.)