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On July 1,2023, Pharoah Corp, which uses IFRS, signs a 4-year, non-cancellable lease agreement to lease a equipment from Oriole Ltd, The following information concerns the lease agreement. 1. The equipment's fair value on July 1.2023 is $266,000. 2. The agreement requires equal rental payments of $57,100,00 beginning on July 1,2023 , 3. The equipment has an estimated economic life of 5 years, with an unguaranteed residual value of $91,300. Pharoah Corp. depreciates similar equipment using the straight-line method, with no residual value. 4. The lease is nonrenewable. At the termination of the lease the equipment reverts to Oriole. 5. Pharoahisincremental borrowing rate is 7% per vear. The lessor's implicit rate is not known by Pharoah Corp. 6. The yearly rental payment includes $3,$72.66 of executory costs related to insurance on the equipment. 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 Pharoah Corp will record for the rightof-use asset and lease liability. (Round foctor values to 5 decimal ploces, eg. 1.25124 and finol answers to 2 decimol places, es: 5,275.76 ) Prepare the initial entry to reflect the signing of the lease agreement. (List all debit entries before credit entries. Credit occount titles are automatically indented when the amount is entered. Do not indent manually, If no entry is required, select "No entry" for the occount titles and enter 0 for the amounts. Round answers to 2 decimat places, es. 5, 125.76.)