Leases – entries

I have revised your notes and watched lectures again.
I am bit confused now.

This is a text:
“A lessee enters into a five-year lease of a building which has a remaining useful life of ten years. Lease payments are $50,000 per annum, payable at the beginning of each year. The lessee incurs initial direct costs of $20,000 and receives lease incentives of $5,000. There is no transfer of the asset at the end of the lease and no purchase option. The interest rate implicit in the lease is not immediately determinable but the lessee’s incremental borrowing rate is 5%. At the commencement date the lessee pays the initial $50,000, incurs the direct costs and receives the lease incentives. ”

In case of rentals paid in advance, they give the following solution:

Annuity factor is calculated using 4 years, giving 177297 as discounted liability.

Assets and liabilities will initially be recognized as follows:

Debit

Right-of-use asset:
Initial payment 50,000
Discounted liability 177,297
Initial direct costs 20,000
Incentives received (5,000)
Total: 242297

But what I understood from your lectures, we have to take 5 years for annuity factor adding other costs and deducting incentives. This totaled 231473 in my case.
Is there any information I miss here ? I can’t understand, what amount is correct.

And could you please be so kind to show allocation of initial recognition amounts to credits and debits, using correct amounts.

Thank you.

Yes, but how should we recognize right of use and liability in exam question -T0 to T4 or T1-T5 in case of advance payments? in your lecture you you apply T1-T5, right?

Thank you