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On December 31, 2019, Kingbird Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Kingbird to make annual payments of $7,924 at the beginning of each year, starting December 31, 2019. The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Kingbird uses the straight-line method of depreciation for all of its plant assets. Kingbird's incremental borrowing rate is 2%, and the lessor's implicit rate is unknown. Click here to view factor tables. Your answer is incorrect. What type of lease is this? This is a/an finance * lease. eTextbook and Media List of Accounts X Your answer is incorrect. Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places e.g. 5,275.) Present value of the lease payments $ 36022 eTextbook and Media List of AccountsYour answer is partially correct. Prepare all necessary journal entries for Kingbird for this lease through December 31, 2020. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.) Date Account Titles and Explanation Debit Credit 12/31/19# Equipment 36022 Lease Liability 36022 (To record the lease) 12/31/19# Lease Liability 7924 Cash 7924 (To record first lease payment) 12/31/20# Interest Expense 7204 Interest Payable 7204 (To record amortization of the right-of-use asset) 12/31/20# Interest Expense 1405 Lease Liability 6519 Cash 7924 (To record interest expense)