On January 1, 2024, Oriole Ltd., which uses IFRS, entered into an eight-year lease agreement for a conveyor machine. Annual lease payments are $22,200 at the beginning of each lease year, which ends December 31, and Oriole made the first payment on January 1, 2024. At the end of the lease, the machine will revert to the lessor. However, conveyor machines are expected to last for only eight years and have no residual value. At the time of the lease agreement, conveyor machines could be purchased for $125,000 cash. Equivalent financing for the machine could have been obtained from Oriole's bank at 12%. Oriole's fiscal year coincides with the calendar year. Oriole uses straight-line depreciation for its conveyor machines. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. (d) Prepare the journal entries on Oriole's books to (1) reflect the signing of the lease agreement, (2) record the payments and expenses related to this lease for the years 2024 and 2025, and (3) make any adjusting journal entries at its fiscal year ends of December 31, 2024 and 2025. Oriole does not use reversing entries. (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 O for the amounts. Record journal entries in the order presented in the problem. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation (To record depreciation expense.) (To record interest.) (To record depreciation expense.) (To record interest.) Debit Credit