Question 37 On January 1, 2019, Sweet Inc., a construction company, leased an excavator from Leaselt Inc. The lease terms are as follows: . Annual lease payments of $27,200 at the beginning of each year for five years At the end of the lease term the asset reverts back to the lessor and the residual value guarantee is $9,000 The incremental borrowing rate is 7% and the implicit rate in the lease is 6% (known by the lessee) Sweet Inc. has a December 31 year end Prepare the journal entries for 2019 for Sweet Inc. Assume Sweet follow IFRS. (Credit account titles are automatically indented when the amount is manually. Round answers to o decimal places, e.g. 5,275. Round factor values to 5 decimal places, e.g. 1.25124. If no entry is required, selec account titles and enter o for the amounts.) Date Account Titles and Explanation Debit I Credit (To record depreciation) (To record interest) W ST OF ACCOUNTS acer