Wildhorse Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability...
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Wildhorse Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $189,000 on May 1, 2017, The interest rate is 9%. Wildhorse made the first lease payment of $27,018 on May 1, 2017. The lease requires a total of 10 annual payments. The equipment has a useful life of 10 years with no residual value. Prepare Wildhorse's December 31, 2017 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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
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