Lalonde Ltd., a public company following IFRS, recently signed a lease for equipment from Costner Ltd. The lease term is five years and requires equal rental payments of $25,173 at the beginning of each year. The equipment has a fair value at the leases inception of $112,400, an estimated useful life of five years, and no residual value. Lalonde pays all executory costs directly to third parties. The appropriate interest rate is 6%. Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability. Prepare the initial entry to reflect the signing of the lease agreement and the first payment under the lease. Round final answers to the nearest dollar.