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s SOURCES The ork Assume that on ) Assume that on January 1, 2017, Kimberly Clark Corp. signs a 10-year noncancelable lease agreement to lease a storage building from Sheffield Storage Company The following information pertains to this lease agreement. 1. The agreement requires equal rental payments of $75,800 beginning on January 1, 2017 2. The fair value of the building on January 1, 2017 is $412,000 3. The building has an estimated economic ie of 12 years, with an unguaranteed residual value of $10,500. Kimberly Clark depreciates similar buildings on the straight-lne method. 4. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor, 5, Kimberly-Clark's incremental borrowing rate is 12% per year. The lessor's imalicit rate is not known by Kimberly-Clark. 6. The yearly rental payment indludes $10,695 of executory costs related to taxes on the property- tr Studr repare 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 (Credit account titles are automatically indented when amount is entered, Do not indent manually. I no entry is equired, select "No Entry for the account tities and enter D for the amounts. Round present value factor calculations to places e.g. 58,971.) ly Clark's corporate year-end is December 31. (Hint: Do the table for ten periods based on present value of minimum lease payments.) o for the amounts, Round present value factor calculations to 5 declimal places, e.q. 1.25124 and the final answer to 0 decimal Oate Aocount Titles and Explanation Debet Credit To necord the lease) Te record first pament (To record first payment.) (To record depreciation.) (To record interest.) (To record second payament.) (To record depreciation.) (To record interest.) (To record second payament.) To record depreciation.) (To record interest.)