The following facts are for a non-cancellable lease agreement between Ivanhoe Corporation and Russell Corporation, a lessee: Inception date July 1, 2020 Annual lease payment due at the beginning of each year, starting July 1, 2020 $ 20,585.16 Bargain purchase option price at end of lease term reasonably certain to be exercised by Russell $ 4,500.00 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $ 50,200.00 Fair value of asset at July 1, 2020 $ 90,200.00 Lessor's implicit rate 9% Lessee's incremental borrowing rate 9% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties about costs that have not yet been incurred by the lessor. The lessee assumes responsibility for all executory costs. Both Russell and Ivanhoe use IFRS 16. 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. Calculate the amount of gross investment at the inception of the lease for Ivanhoe Corporation, the lessor. (Round answers to 2 decimal places, e.g. 52.75.) Gross investments Calculate the amount of net investment at the inception of the lease for Ivanhoe Corporation, the lessor. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75.) Net investment / Prepare a lease amortization schedule using a computer spreadsheet for Ivanhoe Corporation for the five-year lease term. (Round answers to 2 decimal places, e.g. 52.75.) Ivanhoe Leasing Corporation (Lessor) Lease Amortization Schedule Annual Lease Payment Plus PO Interest on Net Investment Net Investment Recovery Balance of Net Investment Date 7/1/20 7/1/20 7/1/21 7/1/22 7/1/23 7/1/24 6/30/24 Prepare the journal entries to reflect the signing of the lease and to record the receipts and income related to this lease for the years 2020, 2021, and 2022. The lessor's accounting period ends on December 31, and Ivanhoe Corporation does not use reversing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit 7/1/20 (To record lease and cost of goods sold.) (To record interest.) 1HHHHHH HH HH HH HH HH HH HH (Collection of lease payment.) (To record interest.) (To record interest.) (Collection of lease payment.) (To record interest.) (To record interest.) TABLE PV.1 Present Value of 1 (n) periods 2% 24% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 15% 0.98039 0.97561 0.97087 0.96156 0.95238 0.94340 0.93458 0.92593 0.91743 0.90909090090 0.89286 0.86957 0.96117 0.95181 0.94260 0.92456 0.90703 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.75614 0.94232 0.92860 0.91514 0.88900 0.86384 0.83962 0.81630 0.79383 0.77218 0.75132 0.73119 0.71178 0.65752 0.92385 0.90595 0.88849 0.85480 0.82270 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.57175 0.90583 0.88385 0.86261 0.82193 0.78353 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.49718 0.88797 0.86230 0.83748 0.79031 0.74622 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.43233 0.87056 0.84127 0.81309 0.75992 0.71068 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.37594 0.85349 0.82075 0.78941 0.73069 0.67684 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.32690 0.83676 0.80073 0.76642 0.70259 0.64461 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.28426 0.82035 0.78120 0.74409 0.67556 0.61391 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.24719 0.80426 0.76214 0.72242 0.64958 0.58468 0.52679 0.47509 0.42888 0.38753 0.35049 0.31728 0.28748 0.21494 0.78849 0.74356 0.70138 0.62460 0.55684 0.49697 0.44401 0.39711 0.35554 0.31863 0.28584 0.25668 0.18691 0.77303 0.72542 0.68095 0.60057 0.53032 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.16253 0.75788 0.70773 0.66112 0.57748 0.50507 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.14133 0.74301 0.69047 0.64186 0.55526 0.48102 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.12289 0.72845 0.67362 0.62317 0.53391 0.45811 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.10687 0.71416 0.65720 0.60502 0.51337 0.43630 0.37136 0.31657 0.27027 0.23107 0.19785 0.16963 0.14564 0.09293 0.70016 0.64117 0.58739 0.49363 0.41552 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.08081 0.68643 0.62553 0.57029 0.47464 0.39573 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.07027 0.67297 0.61027 0.55368 0.45639 0.37689 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.06110 13 15 16 18 20 TABLE PV.2 Present Value of an Annuity of 1 PV = 1 - dat (n) Periods 2% 0.98039 2 1.94156 2.88388 3.80773 4.71346 5.60143 6.47199 7.32548 8.16224 8.98259 11 9 .78685 12 10.57534 11.34837 12.10625 12.84926 13.57771 14.29187 14.99203 19 1 5.67846 16.35143 24% 3% 0.97561 0.97087 1.92742 1.91347 2.85602 2.82861 3.76197 3.71710 4.64583 4.57971 5.50813 5.41719 6.349396.23028 7.170147.01969 7970877.78611 8.75206 8.53020 9.51421 9.25262 10.25776 9.95400 10.98319 10.63496 11.69091 11.29607 12.38138 11.93794 13.05500 12.56110 13.71220 13.16612 14.35336 13.75351 14.97889 14.32380 15.58916 14.87747 4% 5% 6% 7% 8% 9% 10% 11% 12% 15% 0.96154 0.95238 0.94340 0.93458 0.92593 0.91743 0.90909090090 0.89286 0.86957 1.88609 1.85941 1.83339 1.80802 1.78326 1.75911 1.73554 1.71252 1.69005 1.62571 2.775092.72325 2.67301 2.62432 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.62990 3.54595 3.46511 3.38721 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 4.45182 4.32948 4.21236 4.10020 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 5.24214 5.075694.91732 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.78448 0.00205 5.78637 5.58238 5.38929 5.20637 5.03295 4.86842 4.71220 4.56376 4.16042 6.73274 6.46321 6.20979 5.97130 5.74664 5.53482 5.33493 5.14612 4.96764 4.48732 7.435337.10782 6.801696.51523 6.24689 5.99525 5.75902 5.53705 5.32825 4.77158 8.11090 7.72173 7.36009 7.02358 6.71008 6.41766 6.14457 5.88923 5.650225.01877 8.76048 8.30641 7.886877.49867 7.13896 6.80519 6.49506 6.20652 5.93770 5.23371 9.38507 8.863258.38384 7.94269 7.53608 7.16073 6.81369 6.49236 6.19437 5.42062 9.98565 9.39357 8.85268 8.35765 7.90378 7.48690 7.10336 6.74987 6.42355 5.58315 10.56312 9.89864 9.294988.74547 8.24424 7.78615 7.36669 6.98187 6.62817 5.72448 11.11839 10.37966 9.71225 9.10791 8.55948 8.06069 7.60608 7.19087 6.81086 5.84737 11.65230 10.83777 10.105909.44665 8.85137 8.31256 7.82371 7.37916 6.97399 5.95424 12.16567 11.27407 10.47726 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 6.04716 12.65930 11.68959 10.82760 10.05909 9.37189 8.75563 8.20141 7.701627.24967 6.12797 13.13394 12.08532 11.15812 10.33560 9.60360 8.95012 8.36492 7.839297.36578 6.19823 13.59033 12.46221 11.46992 10.59401 9.81815 9.12856 8.51356 7.96333 7.46944 6.25933