= account titres are automatically indented when amount is entered. Do not indent manually. Round answers to u decimar places eg. 5,275.) Date Account Titles and Explanation Right-of-Use Asset Debit Credit 11/19 496130 Lease Liability (To record the lease) 496130 1/19 Lease Liability 68199 Cash 68199 (To record first lease payment) Amortization Expense 1/20 49613 49613 Right-of-Use Asset (To record amortization of the right-of-use asset) Lease Liability 1/20 33965 Interest Expense 34234 68199 Cash (To record interest expense) Amortization Expense 1/21 49613 49813 Right-of Use Asset (To record amortization of the right-of-use asset) Lease Liability 1/21 39420.44 Interest Expense 28778.56 68199 Cash (To record interest expense) ADO Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2019,2020, and 2021. Kimberly-Clark's fiscal year-end is December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places eg. 5,275) Date Debit Credit Account Titles and Explanation Right-of-Use Asset V31/19 V 496130 496130 Lease Liability (To record the lease) Lease Liability V31/19 68199 Cash 68199 (To record first lease payment) V31/20 Amortization Expense 49613 49613 Right-of-Use Asset (To record amortization of the right-of-use asset) 131/20 Lease Liability 33965 Interest Expense 34234 Cash 68199 (To record interest expense) Amortization Expense 431/21 49613 49613 Right-of-Use Asset (To record amortization of the right-of-use asset) Lease Liability 31/21 39420.44 Interest Expense 28778.56 Cash 68199 (To record interest expense) Question 2 of 6 0.72/3 Assume that on December 31, 2019, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Sheffield Storage Company. The following information pertains to this lease agreement. 1. 2. 3. The agreement requires equal rental payments of $68,199 beginning on December 31, 2019. The fair value of the building on December 31, 2019 is $498,399. The building has an estimated economic life of 12 years, a guaranteed residual value of $9,000, and an expected residual value of $4,900. Kimberly-Clark depreciates similar buildings on the straight-line method. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. Kimberly-Clark's incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Kimberly-Clark. 5. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)