Ivanhoe Corp., which uses IF RS$,$ 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. $1,2023$ W

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\mathrm{.}850$

none

Straight$-$line

none

$6\%$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$.1\mathrm{.}25124$ 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 extered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts.$)$