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Blossom Ltd., a public company following IFRS, recorded a right-of-use asset and lease liability at...

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Accounting

Blossom Ltd., a public company following IFRS, recorded a right-of-use asset and lease liability at $187,650 on May 1, 2023. The interest rate is 10%. Blossom made the first lease payment of $29,621 on May 1, 2023. The lease requires a total of 9 annual payments. The equipment has a useful life of 9 years with no residual value. Prepare Blossoms December 31, 2023 adjusting entries. (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 account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

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