Brief Exercise 21A-6 Kingbird Company leased equipment from Costner Company, beginning on December 31, 2016. The leas beginning of each year of the lease, starting on the commencement date (December 31, 2016). The equ an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 119 Click here to view the factor table. Prepare Kingbird's 2016 and 2017 journal entries, assuming Kingbird depreciates similar equipment ito indented when the amount is entered. Do not indent manually. For calculation purposes, use final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 12/31/16 (To record lease liability) 12/31/16 (To record lease payment) 12/31/17 (To record interest expense)