On January 1, 2023, Ivanhoe Corp., which uses IFS, signs a 10-year, non-cancellable lease agreement to lease a specialty lathe from Liu Inc. The following information concerns the lease agreement. 1. 2. 3. 4. 5. a The agreement requires equal rental payments of $76,980

beginning on January 1, 2023. The lathe's fair value on January 1, 2023, is $500,000. The lathe has an estimated economic life of 12 years, with an unguaranteed residual value of $13,000. Ivanhoe depreciates similar equipment using the straight-line method. The lease is non-renewable. At the termination of the lease, the lathe reverts to the lessor.

Ivanhoe's incremental borrowing rate is 10% per year. The lessor's implicit rate is not known by Ivanhoe. The yearly rental payment includes $3,004.82 of executory costs related to insurance on the lathe. prepare an amortization schedule for the term of the lease to be used by Ivanhoe.

On January 1, 2023, Ivanhoe Corp, which uses IFRS, signs a 10-year, non-cancellable lease agreement to lease a specialty lathe from Liu inc. The following information concerns the lease agreement. 1. The agreement requires equal rental payments of $76,980 beginning on January 1,2023. 2. The lathe's fair value on January 1, 2023, is $500,000. 3. The lathe has an estimated economic life of 12 years, with an unguaranteed residual value of $13,000. Ivanhoe depreciate 5 similar equipment using the straight-line method. 4. The lease is non-renewable. At the termination of the lease, the lathe reverts to the lessor. 5. Wanhoe's incremental borrowing rate is 10% per year. The iessor's implicit rate is not known by Ivanhoe. 6. The yearly rental pyyment includes $3,004.82 of executory costs related to insurance on the lathe