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. 2. 3. The agreement requires equal rental payments of $66.299 beginning on December 31, 2019. The fair value of the building on December 31, 2019 is $486,019. The building has an estimated economic life of 12 years, a guaranteed residual value of $12,000, and an expected residual value of $9,800. Kimberly-Clark depreciates similar buildings on the straight-line method. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. Kimberly-Clark's incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Kimberly-Clark. 4. 5. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) CAPISCICIELCU U THIS CASCTUI IC ycars 2017, ZUZU, U ULI. INITIUCI-LIINILI ycarCHIS WELCITUCIJI. LICUT account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places eg. 5,275.) ate Account Titles and Explanation Debit Credit 19 Right-of-Use Asset 480710 Lease Liability 483481 (To record the lease) 19 Lease Liability 66299 Cash 66299 (To record first lease payment) 20 V Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) /20 Lease Liability Interest Expense III LO DIT DOO MO Cash (To record interest expense) 21 V Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) /21 V Lease Liability Interest Expense Cash (To record interest expense)