Ivanhoe Ltd$.,$ a public company following IFRS, recorded a right$-$of$-$use asset and lease liability at $$155,400$ on May $1,2023.$

The interest rate is $12\%.$ Ivanhoe made the first lease payment of $$30,403$ on May $1,2023.$ 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 $31,2023,$

Ivanhoe made an adjusting entry to accrue interest expense of $$10,000$ on the lease.

Prepare Ivanhoe's May $1,2024$ journal entry to record the second lease payment of $$30,403.$ Assume that no reversing

entries are made. $($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 $0$

for the amounts. Round answers to $0$ decimal places, e$.$g$.5,275.)$

Date

Account Titles and Explanation

Debit

Credit