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Using (1) time value of money tables, (2) a financial calculator, or (3) Excel spreadsheet functions, calculate the amount of the annual rental payment. (Round foctor volues to 5 decimal places, es. 1.25124 and final answer to 0 decimal places, eg. 5,275) Annualirental payment On January 1,2023, Lavery Corp., which follows ASPE, leased equipment to Wildhorse Ltd, which follows IFRS. Both Lavery and Wildhorse have calendar year ends. The following information concerns this lease: 1. The term of the non-cancellable lease is six years, with no renewal option. The equipment reverts to the lessor at the termination of the lease, at which time it is expected to have a residual value (not guaranteed) of \\( \\$ 6,100 \\). Wildhorse depreciates all its equipment on a straight-line basis. 2. Equal rental parments are due on January 1 of each year, beginning in 2023. 3. The equipment's fair value on January 1, 2023, is \\( \\$ 148,000 \\) and its cost to tavery is \\( \\$ 111,000 \\). 4. The equipenent has an economic life of veven yeark 5. Lavery set the annual rental to ensure a 9 s rate of return. Wildhorse's incremental borrowing rate is \\( 10 x \\) and the lessors implicit rate is unkown to the lesset. 6. Collecubility of lease payments is reasonably predictable and there are no important uncertainties about any Prepare all necessary journal entries and adjusting entries for Wildhorse for 2023. (List all debit entries before credit entries. 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 occount tities and enter 0 for the amounts. Record joumal entries in the order presented in the problem. Round foctor values to 5 decimal places, es. 1.25124 and final answers to 0 decimal places, es. 5,275) Prepare all necessary joumal entries and adjusting entries for Lavery for 2023 . (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 occount titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Record journal entries in the order presented in the problem. Round factor values to 5 decimal places, es. 1.25124 and final answers to 0 decimal places, es. 5.275.)