Ivanhoe, Inc, has entered an agreement to lease an old warehouse with a useful life of 5 years and a fair value of $22,000 from Oriole Corporation. The agreement stipulates the following. - Rental payments of $5,189 are to be made at the start of each year of the 5-year lease. No residual value is expected at the end of the lease. - Ivanhoe must reimburse Oriole each year for any real estate taxes incurred for the year. Last year, the cost of real estate taxcs was $600, though these costs vary from year to year. - Ivanhoe must make a payment of $500 with the rental payment each period to cover the insurance Oriole has on the warehouse. - Ivanhoe paid legal fees of $2,000 in executing the lease. Assuming Ivanhoe's incremental borrowing rate is 9% and the rate implicit in the lease is unknown, prepare the journal entry to record the initial lease liability and right-of-use asset for Ivanhoe. (List all debit entries before credit entries. Credit account titles are automotically 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. For calculation purposes, use 5 decimal places as displayed in the foctor table provided and round final answers to 0 decimal places, es. 5.275 . Account Titles and Explanation Debit Credit 2 Present Value of $1 TABLE 6 Present Value of an Annuity Due of $1 PVAD=21(1+i)n1(1+i) TABLE 4 Present Value of an Ordinary Annuity of $1 PVA=i1(1+)1