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Sunland 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

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Sunland 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 $340,000 7 years Fair value of equipment Jan. 1.2020 Economic life of leased equipment Annual rental payments starting Jan 1, 2020 Option to purchase at the end of the term Depreciation method $57,871 none Straight-line Residual value none Sunland's incremental borrowing rate 6% Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE 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, eg. 1.25124 and final answers to decimal places, es 5,275.) $ The amount of the right-of-use asset Prepare the initial entry to reflect the signing of the lease agreement. (Credit occount 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) Date Account Titles and Explanation Debit Credit Jan. 1. 2020 Prepare an amortization schedule for the term of the lease to be used by Sunland. Use Excel. (Round answers to O decimal places, eg. 5,275.) Sunland Corp. Lease Amortization Schedule (Lessee) Interest on Unpaid Liability Annual Payment Reduction of Lease Liability Balance of Lease Liability ate inuary 2020 $ $ inuary 2021 $ inuary 2022 inuary 2023 inuary 2024 e Textbook and Media List of Accounts Prepare the journal entries on Sunland Corps 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 for the amounts) Date Account Titles and Explanation Debit Credit (To record depreciation) (To record interest) (To record depreciation) (To record interest)

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