Wildhorse Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease Pobotic equipment Xiu Inc. The following information concerns the lease agreement. Inception date January 1, 2020 5 years $240,000 7 years Lease term 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 Residual value $40,850 none Straight-line none Wildhorse'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, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) Prepare the journal entries on Wildhorse 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 Dec. 31, 2020 Jan. 1, 2021 Dec. 31, 2021 (To record depreciation) To record interest) + Dec. 31, 2020 Jan. 1, 2021 Dec 31, 2021 (To record depreciation) (To record interest) (To record depreciation) To record interest)