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Question 5 --/10 View Policies Current Attempt in Progress Indigo Corp., which uses IFRS, signs a 4-year, non-cancellable lease agreement to lease equipment from Labelle Led. The following information concerns the lease agreement. 1. The equipment's fair value on July 1, 2020 is $268,000. 2. The agreement requires equal rental payments of $56,300 beginning on July 1, 2020. 3. The equipment has an estimated economic life of 5 years, with an unguaranteed residual value of $81,000. Indigo 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 Labelle. 5. Indigo's incremental borrowing rate is 6% per year. The lessor's implicit rate is not known by Indigo Corp. 6. The yearly rental payment includes $2,937.80 of executory costs related to insurance on the equipment. 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, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) The amount of the right-of-use asset $ 184906 Prepare the initial entry to reflect the signing of the lease agreement. (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 Debit Credit July 1, 2020 Lease Receivable Cost of Goods Sold Sales Revenue InventoryPrepare the subsequent journal entries on Indigo Corp's books to record the payments and expenses related to this lease for the years 2020 and 2021 as well as any adjusting journal entries at its fiscal year ends of December 31, 2020 and 2021. Indigo does not use reversing 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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 # Right-of-Use Asset 184906 Lease Liability 184906 (To record insurance expense) Amortization Expense 46227 Accumulated Depreciation - Right-of-Use Asset 46227 (To record depreciation) Interest Expense 11904 Lease Liability 11904 (To record interest) June 30, 2021 # July 1, 2021 Lease Receivable Cost of Goods Sold Sales Revenue Inventory Dec. 31, 2021 # Lease Liability Cash (To record insurance expense) Depreciation Expense 46227 Accumulated Depreciation - Right-of-Use Asset 46227 (To record depreciation) Interest Expense 11904 Lease Liability 11904 (To record interest)