On July $1,2023,$ Blossom Corp., which uses IFRS, signs a $4-$year, non$-$cancellable lease agreement to lease a equipment from

Wildhorse Ltd$.$ The following information concerns the lease agreement.

The equipment's fair value on July $1,2023$ is $$265,000.$

The agreement requires equal rental payments of $$56,500\mathrm{.}00$ beginning on July $1,2023.$

The equipment has an estimated economic life of $5$ years, with an unguaranteed residual value of $$81,900.$ Blossom 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 Wildhorse.

Blossom's incremental borrowing rate is $7\%$ per year. The lessor's implicit rate is not known by Blossom Corp.

The yearly rental payment includes $$3,248\mathrm{.}57$ of executory costs related to insurance on the equipment. Prepare the initial entry to reflect the signing of the lease agreement. Using $(1)$ factor tables, $(2)$ a financial calculator, or $(3)$ Excel functions, calculate the amount Blossom Corp will record for the right$-$ of$-$use asset and lease liability. $($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $2$ decimal places, e$.$g$.5,275\mathrm{.}76.)$

The amount of the right$-$of$-$use asset $