Sheridan Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement. Inception date January 1, 2020 Lease term 5 years Fair value of equipment Jan. 1, 2020 $280,000 Economic life of leased equipment 7 years Annual rental payments starting Jan. 1, 2020 $48,505 Option to purchase at the end of the term none Depreciation method Straight-line Residual value none Sheridan's incremental borrowing rate 7% Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Part 1 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 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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 e Textbook and Media Prepare an amortization schedule for the term of the lease to be used by Sheridan. Use Excel. (Round answers to 0 decimal places, e.g. 5,275.) Sheridan Corp. Lease Amortization Schedule (Lessee) Annual Payment Interest on Unpaid Liability Reduction of Lease Liability Balanc of Lea: Liabilit Date $ January 1, 2020 $ $ January 1, 2021 $ January 1, 2022 January 1, 2023 January 1, 2024 Prepare the journal entries on Sheridan Corp.s books to record the payments 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. (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 (To record depreciation) (To record interest) (To record depreciation) (To record interest) e Textbook and Media List of Accounts