Pharoah Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Sheridan Inc. The following information concerns the lease agreement. Inception date January 1, 2023 Lease term Fair value of equipment Jan. 1, 2023 Economic life of leased equipment Annual rental payments starting Jan. 1, 2023 Option to purchase at the end of the term Depreciation method Residual value Pharoah's Incremental borrowing rate 5 years $260,000 7 years $45,824 none Straight-line none 8% Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE (a) Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability. (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, e.g. 5,275.) The amount of the right-of-use asset $ Prepare the initial entry to reflect the signing of the lease agreement. (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.) Date Account Titles and Explanation Jan. 1. 2023 Debit Credit (n) PVF-AD-1+ 1- periods 2% 21/2% 3% 4% 1 2 1.98039 3 2.94156 1.00000 1.00000 1.00000 1.97561 1.97087 2.92742 2.91347 4 5 9% 1.00000 1.00000 1.00000 1.00000 1.00000 1.96154 1.95238 1.94340 1.92593 1.91743 2.88609 2.85941 2.83339 2.78326 2.75911 3.88388 3.85602 3.82861 3.77509 3.72325 3.67301 3.57710 3.53130 4.80773 4.76197 4.71710 4.62990 4.54595 4,46511 4.31213 4.23972 5% 6% 8% 6 7 5.71346 6,60143 5.64583 5.57971 5.45182 5,32948 8 9 10 5.21236 4.99271 4.88965 6.50813 6.41719 6.24214 6.07569 5.91732 5.62288 5.48592 7.47199 7.34939 7.23028 7.00205 6.78637 6.58238 6.20637 6.03295 8.32548 8.17014 8.01969 7.73274 7.46321 7.20979 6.74664 6.53482 9.16224 8.97087 8.78611 8.43533 8.10782 7.80169 7.24689 6.99525 11 9.98259 9.75206 12 9.53020 10.78685 10.51421 10,25262 9.11090 8.72173 9.76048 9.30641 8.36009 8.88687 13 11.57534 11.25776 10.95400 10.38507 9.86325 9.38384 14 15 12.34837 11.98319 11.63496 10.98565 10.39357 13.10625 12.69091 12.29607 11.56312 10.89864 10.29498 9.85268 8.90378 9.24424 16 18 19 20 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 17 14.57771 14.05500 13.56110 12.65230 11.83777 11.10590 15.29187 14.71220 14.16612 13.16567 12.27407 11.47726 10.12164 15.99203 15,35336 14.75351 13.65930 12.68959 11.82760 10.37189 16.67846 15.97889 15.32380 14.13394 13.08532 12.15812 10.60360 9.55948 9.85137 23 7.71008 7.41766 8.13896 7.80519 8.53608 8.16073 8.48690 8.78615 9.06069 9.31256 9.54363 9.75563 9.95012 21 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 18.01121 17.18455 16.41502 15.02916 13.82115 12.76408 11.01680 10,29224 18.65805 17.76541 16.93692 15.45112 14.16300 13.04158 11.20074 10.44243 24 19.29220 18.33211 17.44361 15.85684 14.48857 13.30338 11.37106 10,58021 19.91393 18.88499 17.93554 16.24696 14.79864 13.55036 11.52876 10.70661 25 2222222222 26 28 10% 11% 12% 15% 1.00000 1.00000 1.00000 1.00000 1.90909 1.90090 1.89286 1.86957 2.73554 2.71252 2.69005 2.62571 3.48685 3,44371 3.40183 3.28323 4.16987 4.10245 4.03735 3.85498 4.79079 4.69590 4.60478 4.35216 5.35526 5.23054 5.11141 4.78448 5.86842 5.71220 5.56376 5.16042 6.33493 6.14612 5.96764 5.48732 6.75902 6.53705 6.32825 5.77158 7.14457 6.88923 6.65022 6.01877 7.49506 7.20652 6.93770 6.23371 7.81369 7.49236 7.19437 6.42062 8.10336 7.74987 7.42355 6.58315 9.36669 7.98187 7.62817 6.72448 8.60608 8.19087 7.81086 6.84737 8.82371 8.37916 7.97399 6.95424 9.02155 8.54879 8.11963 7.04716 9.20141 8.70162 8.24967 7.12797 9.36492 8.83929 8.36578 7.19823 9.51356 8.96333 8.46944 7.25933 9.64869 9.07507 8.56200 7.31246 9.77154 9.17574 8.64465 7.35866 9.88322 9.26643 8.71843 7.39884 9.98474 9.34814 8.78432 7.43377 20.52346 19.42438 18.41315 16.62208 15.09394 13.78336 11.67478 10.82258 10.07704 9.42174 8.84314 7.46415 27 21.12104 19.95061 18.87684 16.98277 15.37519 14.00317 11.80998 10.92897 10.16095 9.48806 8.89566 7.49056 21.70690 20.46401 19.32703 17.32959 15.64303 14.21053 11.93518 11.02658 10.23722 9.54780 8.94255 7.51353 22.28127 20.96489 19.76411 17.66306 15.89813 14.40616 12.05108 11.11613 10.30657 9.60162 8.98442 7.53351 22.84438 21.45355 20.18845 17.98371 16.14107 14.59072 12.15841 11.19828 10.36961 9.65011 9.02181 7.55088 29 30 31 32 33 34 35 36 37 38 39 40 23.39646 21.93029 20.60044 18.29203 16.37245 14.76483 12.25778 11.27365 10.42691 9.69379 9.05518 7.56598 23.93770 22.39541 21.00043 18.58849 16.59281 14.92909 12,34980 11.34280 10.47901 9.73315 9.08499 7.57911 24.46833 22.84918 21,38877 18.87355 16.80268 15.08404 12.43500 11.40624 10.52638 9.76860 9.11159 7.59053 24.98856 23.29188 21.76579 19.14765 17.00255 15.23023 12.51389 11.46444 10.56943 9.80054 9.13535 7.60046 25.49859 23.72379 22.13184 19.41120 17.19290 15.36814 12.58693 11.51784 10.60858 9.82932 9.15656 7.60910 25.99862 24.14516 22.48722 19.66461 17.37419 15.49825 12.65457 11.56682 10.64416 9.85524 9.17550 7.61661 26.48884 24.55625 22.83225 19.90828 17.54685 15.62099 12.71719 11.61176 10.67651 9.87859 9.19241 7.62314 26.96945 24.95732 23.16724 20.14258 17.71129 15.73678 12.77518 11.65299 10.70592 9.89963 9.20751 7.62882 27.44064 25.34860 23.49246 20.36786 17.86789 15.84602 12.82887 11.69082 10.73265 9.91859 9.22099 7.63375 27.90259 25.73034 23.80822 20.58448 18.01704 15.94907 12.87858 11,72552 10.75697 9.93567 9.23303 7.63805