Oriole Ltd., a public company following IFRS, recorded a right-of-use asset and lease liability at $158,550 on May 1, 2023. The interest rate is 9%. Oriole made the first lease payment of $28,901 on May 1, 2023. The lease requires a total of 7 annual payments. The equipment has a useful life of 7 years with no residual value. Assume that at December 31, 2023, Oriole made an adjusting entry to accrue interest expense of $7,779 on the lease. Prepare Oriole's May 1, 2024 journal entry to record the second lease payment of $28,901. Assume that no reversing entries are made. (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 O for the amounts. Round answers to O decimal places, e.g. 5,275.)

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.