On July $1,2023,$ Ivanhoe Corp, which uses IFRS, signs a $4-$year, non$-$cancellable lease agreement to lease a equipment from Cullumber Ltd$.$ The following information concerns the lease agreement.

The equipment's fair value on July $1,2023$ is $$286,000.$

The agreement requires equal rental payments of $$61,700.00$ beginning on July $1,2023.$

The equipment has an estimated economic life of $5$ years, with an unguaranteed residual value of $$83,200.$ Ivanhoe Corp. depreciates similar equipment using the straight$-$line method, with no residual value.

The lease is non$-$renewable. At the termination of the lease, the equipment reverts to Cullumber.

Ivanhoe's incremental borrowing rate is $6\%$ per year. The lessor's implicit rate is not known by Ivanhoe Corp.

The yearly rental payment includes $$4,798\mathrm{.}47$ of executory costs related to insurance on the equipment. It is the company's policy to allocate executory costs between expense and prepaid amounts on the date of payment.

Interest and depreciation expenses are based on the nearest full month.

Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.

$($a$)$

Your answer is partially correct.

Using $(1)$ factor tables, $(2)$ a financial calculator, or $(3)$ Excel functions, calculate the amount Ivanhoe Corp will record for the rightof$-$use asset and lease liability. $($Round factor values to $5$ decimal places, eg$.1\mathrm{.}25124$ and final answers to $2$ decimal places, eg$.5,275\mathrm{.}76.$

The amount of the right$-$of$-$use asset

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Prepare the initial entry to reflect the signing of the lease agreement. $($List all deblt entries before credit entries. Credlt 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 tittes and enter $0$ for the amounts. Round answers to $2$ declmal places, e $8.5,125\mathrm{.}76.)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[\backslash$table$[[$July $1,],[2023]],$Right$-$of$-$Use Asset,,$],[,$Prepaid Insurance,,$],[,$Lease Liability,,$152097\mathrm{.}47],[,$Cash,,$61700]]$