On January 1, 2023, Swifty Ltd. entered into an agreement to lease a truck from Ivanhoe Ltd. Both Swifty and Ivanhoe use IFRS. The details of the agreement are as follows: Carrying value of truck for Ivanhoe Fair value of truck Economic life of truck Lease term Rental payments (at beginning of each month) Executory costs included in rental payments each month for insurance Incremental borrowing rate for Swifty Swifty expects to pay Ivanhoe $3,510 under a residual value guarantee for the truck. $21,611 $21,611 5 years 3 years $655 $25 12% Additional information: 1. There are no abnormal risks associated with the collection of lease payments from Swifty. 2. There are no additional unreimbursable costs to be incurred by Ivanhoe in connection with the leased truck. 3. At the end of the lease term, Ivanhoe sold the truck to a third party for $3,190, which was the truck's fair value at December 31, 2025. Swifty paid Ivanhoe the difference between the residual value guarantee of $3,510 and the proceeds obtained on the resale. 4. Swifty knows the interest rate that is implicit in the lease. 5. Swifty knows the amount of executory costs included in the minimum lease payments. , 6. Swifty uses straight-line depreciation for its trucks with the residual value guarantee of $3,510 for the leased truck. SU