Current Attempt in Progress Ivanhoe Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Oriole Inc. The following information concerns the lease agreement. Inception date Lease term Fair value of equipment Jan. 1, 2023 Economic life of leased equipment Annual rental payments starting Jan. 1, 2023 Option to purchase at the end of the term Depreciation method Residual value Ivanhoe's incremental borrowing rate January 1, 2023 5 years $240,000 7 years $40,850 none Straight-line none 6% (a) 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, e.g. 1.25124 and final answers to O 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. (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.) Date Account Titles and Explanation Jan. 1, 2023 Debit Credit