Assume that on December 31, 2024, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Oriole Storage Company. The following information pertains to this lease agreement. 1. The agreement requires equal rental payments of $66,499 beginning on December 31, 2024. 2. The fair value of the building on December 31,2024 , is $486,311. 3. The building has an estimated economic life of 12 years, a guaranteed residual value of $9,500, and an expected residual value of $7,100. Kimberly-Clark depreciates similar buildings on the straight-line method. 4. The lease is nonrenewable. At the termination of the lease, the building 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. Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and