On January 1, 2023, Crane Ltd. entered into an agreement to lease a truck from Blossom Ltd. Both Crane and Blossom use IFRS. The details of the agreement are as follows: Additional information: 1. There are no abnormal risks associated with the collection of lease payments from Crane. 2. There are no additional unreimbursable costs to be incurred by Blossom in connection with the leased truck. 1. There are no abnormal risks associated with the collection of lease payments from Crane. 2. There are no additional unreimbursable costs to be incurred by Blossom in connection with the leased truck. 3. At the end of the lease term, Blossom sold the truck to a third party for $3,400, which was the truck's fair value at December 31. 2025. Crane paid Blossom the difference between the residual value guarantee of $3.650 and the proceeds obtained on the resale. 4. Crane knows the interest rate that is implicit in the lease. 5. Crane knows the amount of executory costs included in the minimum lease payments. 6. Crane uses straight-line depreciation for its trucks with the residual value guarantee of $3,650 for the leased truck. Prepare the journal entries that Blossom would make on January 1, 2023, and the adjusting journal entries at December 31,2023 , to record the annual interest income from the lease arrangement, assuming that Blossom has a December 31 fiscal year end. (Llst 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 0 for the amounts. Round answers to 0 decimal ploces, eg. 5, 275.) Identify all accounts that will be reported by Blossom on its comparative statement of income for the fiscal years ending December 31, 2024 and 2023, and its comparative statement of financial position at December 31, 2024 and 2023 . Be specific about the classifications in each statement, (Enter negative amounts using elther a negative sign preceding the number eg. 45 or parentheseseg. (45).) BLOSSOM LTD. Statement of Financial Position - Partial December 31 , 2024 2023 Current Assets Net investment in vehicle leases \begin{tabular}{|l|l|l|} \hline \hline 1356 & 73 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \hline 10 & 1/10 \\ \hline \hline \end{tabular} Non-Current Assets Net investment in vehicleleases \begin{tabular}{|l|l|} \hline 3386 \\ \hline \end{tabular} 10636 On January 1, 2023, Crane Ltd. entered into an agreement to lease a truck from Blossom Ltd. Both Crane and Blossom use IFRS. The details of the agreement are as follows: Additional information: 1. There are no abnormal risks associated with the collection of lease payments from Crane. 2. There are no additional unreimbursable costs to be incurred by Blossom in connection with the leased truck. 1. There are no abnormal risks associated with the collection of lease payments from Crane. 2. There are no additional unreimbursable costs to be incurred by Blossom in connection with the leased truck. 3. At the end of the lease term, Blossom sold the truck to a third party for $3,400, which was the truck's fair value at December 31. 2025. Crane paid Blossom the difference between the residual value guarantee of $3.650 and the proceeds obtained on the resale. 4. Crane knows the interest rate that is implicit in the lease. 5. Crane knows the amount of executory costs included in the minimum lease payments. 6. Crane uses straight-line depreciation for its trucks with the residual value guarantee of $3,650 for the leased truck. Prepare the journal entries that Blossom would make on January 1, 2023, and the adjusting journal entries at December 31,2023 , to record the annual interest income from the lease arrangement, assuming that Blossom has a December 31 fiscal year end. (Llst 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 0 for the amounts. Round answers to 0 decimal ploces, eg. 5, 275.) Identify all accounts that will be reported by Blossom on its comparative statement of income for the fiscal years ending December 31, 2024 and 2023, and its comparative statement of financial position at December 31, 2024 and 2023 . Be specific about the classifications in each statement, (Enter negative amounts using elther a negative sign preceding the number eg. 45 or parentheseseg. (45).) BLOSSOM LTD. Statement of Financial Position - Partial December 31 , 2024 2023 Current Assets Net investment in vehicle leases \begin{tabular}{|l|l|l|} \hline \hline 1356 & 73 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \hline 10 & 1/10 \\ \hline \hline \end{tabular} Non-Current Assets Net investment in vehicleleases \begin{tabular}{|l|l|} \hline 3386 \\ \hline \end{tabular} 10636
