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On January 1, 2017, Kingbird Co. leased a building to Blossom Inc. The relevant information related to the lease is as follows 1. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $3,800,000 (unguaranteed) 2. The leased building has a cost of $4,300,000 and was purchased for cash on January 1, 2017. 3. The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. 4. Lease payments are $275,000 per year and are made at the beginning of the year. 5. Blossom has an incremental borrowing rate of 5%, and the rate implicit in the lease is unknown to Blossom. 6. Both the lessor and the lessee are on a calendar-year basis. Click here to view the factor table (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Prepare the journal entries that Kingbird should make in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record cost of the building) (To record receipt of lease payment) 12/31/17 (To record the recognition of the revenue each period) (To record depreciation expense on the leased asset) Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used