Western Plants Co. (Western) leased a new forklift on January 1 . The lease agreement is for eight years, with an annual payment of $5,000 due at the beginning of each year. management has not decided whether to buy the asset at the end of the lease. The forklift would likely have another two years of useful life if purchased at the end of the lease term. Western had the opportunity to purchase the forklift from the dealer for $33,856 but $25,000. Required a) Assuming Western reports under IFRS, prepare the journal entries for the first year of the lease