Wing Corporation enters into a lease with Sharda Inc., a lessor, on August 15, 2017 that does not transfer ownership or contain a bargain purchase option, and it is not for specialized equipment. Both Wing and Sharda use IAS 17. The lease covers three years of the equipment's eight-year useful life, and the present value of the minimum lease payments is less than 90% of the equipment's fair value. Prepare Wing's journal entry to record its August 15, 2017 annual lease payment of $31,500. Wing has a November 30 year end.