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. The agreement requires equal rental payments of $66,199 beginning on December 31,2019. . 2. The fair value of the building on December 31,2019 is $484,368. 3. The building has an estimated economic life of 12 years, a guaranteed residual value of $10,000, and an expected residual value of $7,900. Kimberly-Clark depreciates similar buildings on the straight-line method. 4. The lease is nonrenewable. At the termination of the lease, the buliding reverts to the lessor. 5. Kimberly. Clark's incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Kimberly-Clark. (To record firstlease payment) Amortization Expense \begin{tabular}{|r|} \hline 48071 \\ \hline \end{tabular} Leased Asset. (To record amortzation of the right-of-use asset) Lease Liability 66199. Interest Expense 33161 Cash 99360 (To record interest expense) Amortization Expense 48071 LeasedAaset- (Torecord amortization of the right-of-use asset) Lersetisility Tinterest Expense: 305185 43071