Buffalo Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement. Inception date 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 Buffalo's incremental borrowing rate January 1, 2020 5 years $240,000 7 years $40,850 none Straight-line none 6% 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, eg. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) The amount of the right-of-use asset Prepare the initial entry to reflect the signing of the lease agreement. (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 Ofor the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1, 2020 Prepare an amortization schedule for the term of the lease to be used by Buffalo. Use Excel. (Round answers to O decimal places, e.g. 5,275.) Buffalo Corp. Lease Amortization Schedule (Lessee) Interest on Unpaid Liability Annual Payment Reduction of Lease Liability Balance of Lease Liability Date January 1, 2020 $ January 1, 2021 January 1, 2022 January 1, 2023 January 1, 2024 Prepare the journal entries on Buffalo Corp.'s 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 o for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation) (To record interest) (To record depreciation) (To record interest)