Assume that on December 31, 2019, Kimberly-Clark Corp signs a 10-year, non-cancelable lease agreement to lease a storage building from Shefficld Storage Company The following information pertains to this lease agreement 1. The agreement requires equal rental payments of $68,499 beginning on December 31,2019 2. The fair value of the building on December 31.2019 is $501036. 3. The building has an estimated economic life of 12 years, a guarantecd residual value of $10,000, and an expected residual value of $5,600 Kimbetly-Clark depreciates simils buildingson the straight-line method: 4. The lease is nonrenewable. At the termination of the lease, the buildingreverts to the lessor 5. Kimberly-Clark's incremental berrowing rate is 8 s. per year. The lessar s implicit rate is not known by Kimberhy Clark. Cick here to view factor tables (For colculotion purposes, use 5 decimal ploces as displayed in the factor table pravided) (a) Prepare the journal entries on the lesset's books to reflect the vgning of the lease agreement and to record the parments and account titles are astomatically indented when amount is entered. Do not indent manualix, Round answers fo Odecimat Chapter 21 HW Question 7 of 12 Date Account Titles and Explanation Debit Credit (To record the lease) (To record first foase payment) (To record amortization of the right-of-use asset) SUPPORT Question 7 of 12 (To record amortizotion of the right-of-use asset) (To record interest expense) (To record amortization of the right-of-use asset) SUPPORT (To record interest expense)