Ivanhoe Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $159,600 on May 1, 2017. The interest rate is 12%. Ivanhoe made the first lease payment of $31,224 on May 1, 2017. The lease requires a total of 7 annual payments. The equipment has a useful life of 7 years with no residual value. Assume that at December 31, 2017, Ivanhoe made an adjusting entry to accrue interest expense of $10,270 on the lease. Prepare Ivanhoes May 1, 2018 journal entry to record the second lease payment of $31,224. Assume that no reversing entries are made.