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Kingbird Corporation enters into a 6-year lease of equipment on December 31, 2019, which requires 6 annual payments of $42.200 each, beginning December 31, 2019. In addition, Kingbird guarantees the lessor a residual value of $19.500 at the end of the lease. However, Kingbird believes it is probable that the expected residual value at the end of the lease term will be $9.750. The equipment has a useful life of 6 years. Prepare Kingbirds December 31, 2019. journal entries assuming the implicit rate of the lease is 10% and this is known to Kingbird. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal ploces as displayed in the factor table provided and round final answers to decimal places eg. 5,275) Click here to view factor tables Prepare Kingbirds December 31, 2019. journal entries assuming the implicit rate of the lease is 10% and this is known to Kingbird. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to decimal places eg. 5,275.) Click here to view factor tables. Account Titles and Explanation Date December 31, 2019 Debit Credit (To record the lease liability) December 31, 2019 To record lease payment)