On July 1, 2023, Blossom Corp., which uses IFRS, signs a 4-year, non-cancellable lease agreement to lease a equipment from Wildhorse Ltd. The following information concerns the lease agreement. 1. The equipment's fair value on July 1, 2023 is $265,000. 2. The agreement requires equal rental payments of $56,500.00 beginning on July 1, 2023. 3. The equipment has an estimated economic life of 5 years, with an unguaranteed residual value of $81,900. Blossom Corp. depreciates similar equipment using the straight-line method, with no residual value. 4. The lease is non-renewable. At the termination of the lease, the equipment reverts to Wildhorse. 5. Blossom's incremental borrowing rate is 7% per year. The lessor's implicit rate is not known by Blossom Corp. 6. The yearly rental payment includes $3,248.57 of executory costs related to insurance on the equipment. Prepare the journal entries on Blossom Corp.'s books to record the payments and expenses related to this lease for the years 2023 and 2024 as well as any adjusting journal entries at its fiscal year ends of December 31, 2023 and 2024. Blossom 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. Round answers to 2 decimal places, e.g. 5,125.76. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record insurance expense) (To record depreciation) (To record interest) Debit Credit (To record insurance expense) (To record depreciation) (To record depreciation) (To record interest)