Ravi Inc enters into a lease agreement to rent out construction equipment. The lease term is 1 year, and there are no renewal or purchase options. The fair value of the equipment is $22,000, and the monthly payments are $700, beginning on August 1, 20X4. Ravi Inc elects to expense leases that are short term or low value in nature. Required: Prepare the journal entry to record lease payment by Ravi in August, using IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)