Sheridan Ltd$.,$ a public company following IFRS, recorded a right$-$of$-$use asset and lease liability at $$193,500$ on May $1,2023.$ The

interest rate is $11\%.$ Sheridan made the first lease payment of $$29,601$ on May $1,2023.$ The lease requires a total of $10$ annual

payments. The equipment has a useful life of $10$ years with no residual value. Assume that at December $31,2023,$ Sheridan made an

adjusting entry to accrue interest expense of $$12,019$ on the lease.

Prepare Sheridan's May $1,2024$ journal entry to record the second lease payment of $$29,601.$ Assume that no reversing entries are

made. $($List all debit entries before credit 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 $0$ decimal places, e$.$g$.$

$5,275.)$