Question 3 of 7 -/8 E View Policies Current Attempt in Progress Crane Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $170,100 on May 1, 2020. The interest rate is 10%. Crane made the first lease payment of $26,851 on May 1, 2020. The lease requires a total of 9 annual payments. The equipment has a useful life of 9 years with no residual value. Prepare Crane's December 31, 2020 adjusting 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 for the amounts. Round answers to decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record interest.) Dec. 31 (To record depreciation expense.) eTextbook and Media List of Accounts