On July 1, 2023, Carla Vista Corp., which uses IFRS, signs a 4-year, non-cancellable lease agreement to lease a equipment from Sunland Ltd. The following information concerns the lease agreement. 1. The equipment's fair value on July 1,2023 is $269,000. 2. The agreement requires equal rental payments of $61,500.00 beginning on July 1,2023 . 3. The equipment has an estimated economic life of 5 years, with an unguaranteed residual value of $88,700. Carla Vista 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 Sunland. 5. Carla Vista's incremental borrowing rate is 6% per year. The lessor's implicit rate is not known by Carla Vista Corp. 6. The yearly rental payment includes $8,137.80 of executory costs related to insurance on the equipment. Prepare the journal entries on Carla Vista 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. Carla Vista 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 0 for the amounts. Round answers to 2 decimal places, e.g. 5,125.76. Record journal entries in the order presented in the problem.)