Ww.227. On July 1, 2023, Oriole Corp., which uses IFRS, signs a 4-year, non-cancellable lease agreement to lease a equipmentfrom Ivanhoe Ltd. The following information concerns the lease agreement.123.4.5.6.The equipment's fair value on July 1, 2023 is $275,000.The agreement requires equal rental payments of $57,700.00 beginning on July 1, 2023.The equipment has an estimated economic life of 5 years, with an unguaranteed residual value of $77,300.Oriole 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 Ivanhoe.Oriole's incremental borrowing rate is 6% per year. The lessor's implicit rate is not known by Oriole Corp.The yearly rental payment includes $2,976.52 of executory costs related to insurance on the equipment.Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.(a)Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount Oriole Corp will recordfor the right-of-use asset and lease liability. (Round factor values to 5 decimal places, e.g. 1.25124 andfinal answers to 2 decimal places, e.g. 5,275.76.)The amount of the right-of-use asset $Prepare the initial entry to reflect the signing of the lease agreement. (List all debit entries before creditentries. Credit account titles are automatically indented when the amount is entered. Do notindent manually. If no entry is required, select "No entry" for the account titles and enter O forthe amounts, Round answers to 2 decimal places, e.g. 5,125.76.)Date Account Titles and ExplanationJuly1,2023DebitCredit

The practice of identifying and disclosing lease transactions in a company's financial statements is…

Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount Oriole Corp will record for the right-of-use asset and lease liability. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.76.) The amount of the right-of-use asset $ Prepare the initial entry to reflect the signing of the lease agreement. (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 2 decimal places # 5 125 761

Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount Oriole Corp will record for the right-of-use asset and lease liability. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.76.) The amount of the right-of-use asset $ Prepare the initial entry to reflect the signing of the lease agreement. (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 2 decimal places # 5 125 761

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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