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counting pdates The following facts pertain to a non-cancelable lease agreement between Kingbird Leasing Company and Blossom Company, a lessee. Commencement date May 1, 2020

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counting pdates The following facts pertain to a non-cancelable lease agreement between Kingbird Leasing Company and Blossom Company, a lessee. Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning with May 1, 2020 $17,225.30 Bargain purchase option price at end of lease term $4,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $55,000 Fair value of asset at May 1, 2020 $77,000 Lessor's implicit rate 8% Lessee's incremental borrowing rate 8% Aexcel Con ccess JS Support The collectibility of the lease payments by Kingbird is probable. Click here to view factor tables. Compute the amount of the lease receivable at commencement of the lease. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal places, &. 5.275.15.) Lease receivable at commencement $ Prepare a lease amortization schedule for Kingbird for the 5-year lease term. (Round answers to 2 decimal places, es. 5,275.15.) KINGBIRD LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Receivable $ 5/1/20 5/1/20 5/1/21 5/1/22 5/1/23 5/1/24 4/30/25 e Textbook and Media List of Accounts Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2020 and 2021. The lessor's accounting period ends on December 31. Reversing entries are not used by Kingbird. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15. Recordjoumal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) . e Textbook and Media List of Accounts Suppose the collectibility of the lease payments was not probable Kingbird. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, es 5.275.15.) Debit Credit Date Account Titles and Explanation 5/1/20

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