Question 5 of 10 -/ 15 View Policies Current Attempt in Progress Oriole Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $161.700 on May 1, 2020. The interest rate is 12%. Oriole made the first lease payment of $31,635 on May 1, 2020. The lease requires a total of 7 annual payments. The equipment has a useful life of 7 years with no residual value. Assume that at December 31, 2020, Oriole made an adjusting entry to accrue interest expense of $10,405 on the lease. Prepare Oriole's May 1, 2021 journal entry to record the second lease payment of $31,635. Assume that no reversing entries are made. (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 for the amounts. Round answers to decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation May 1 eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit