Sunland Corporation reports under IFRS and has a December year end. Sunland leases equipment on January $3,2024.$ It agrees to

make annual lease payments of $$17,400$ over five years at an interest rate of $3\mathrm{.}5\%$ with the first payment made at the start of the

lease. Sunland expects to return the asset at the end of the lease. The present value of the lease payments is $$81,312.$ Sunland has a

December $31$ year end.

Click here to view the factor table. Present Value of $1$

Click here to view the factor table. Present Value of an Annuity of $1$

$($a$)$

Record the leased asset, liability and the payment made at the start of the lease term. $($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. For calculation purposes, use $5$ decimal places as displayed in the factor table

provided. Round answer to $0$ decimal places, e$.$g$.5,276.)$

Date Account Titles

Jan. $3,2024$

Debit

Credit