JRCES CALCULATOR FULL SCREEN PRINTER VERSION Exercise 21-19 (Part Level Submission) Ayayal Corporation leased equipment to Kingbird, Inc. on January 1, 2020. The lease agreement called for annual rental payments of $1,151 at the beginning of each year of the years . The equipment has an economic useful life of 7 years, a fair value of $9.900, a book value of $7,000, and Ayayal expects a residual value of $7,400 at the end of these term Ayayar set the lease payments with the intent of earning a 4% return, though Kingbird is unaware of the rate implicit in the lease and has an incremental borrowing rate of there is no bargain purchase option ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature Click here to view factor tables (For calculation purposes, use s decimal places as displayed in the factor table provided.) Your answer is partially correct. Try again Prepare all necessary journal entries for Kingbird in 2020. (Credit account titles are automatically indented when the amount is entered. Do not inden manually. Round anwesto decimal places, 6.9. 5,275. Record journal entries in the order presented in the problem.) (Part Debit Date | 1/1/20D Account Tities and Explanation Right-of-Use Asset Lease Liaty hry Study 1/1/20 L ease Liability (to record lease payment 12/31/20 Lease Expense Lease Liability Right-of-Use Asset