Pharoah Corporation recently needed to find temporary inventory storage space when transitioning from an old factory to a newly built factory within the same city. Pharoah signed a 10-month lease on a warehouse requiring monthly payments in advance of $12,500. What is the nature of the lease assuming Pharoah follows IFRS 16? Pharoah should classify the lease as Prepare the entry for the first payment on May 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1, 2020 Debit Credit Prepare the entry for the first payment on May 1, 2020. Assume Pharoah followed ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date May 1, 2020 Account Titles and Explanation Debit Credit