On $2$ January $20$X$4,$ Yvan Ltd$.,$ a public company, entered into a five$-$year equipment lease with Jeffery Leasing Inc. The lease calls for annual lease payments of $$152,000,$ payable at the beginning of each lease year. Yvan$$s IBR is $7\%.$ Yvan does not know the lessor$$s interest rate. The fair value of the equipment is $$677,000.$ Yvan depreciates equipment on a straight$-$line basis, taking a full year$$s depreciation in the year of acquisition.

$($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

$1.$ Prepare the lease liability amortization schedule for Yvan.

$2.$ Prepare the journal entries relating to the leased asset and the lease liability for $20$X$4$ and $20$X$5$ for Yvan.

$3.$ What amounts will appear on Yvan$$s statement of financial position and statement of comprehensive income as at $31$ December $20$X$4?$