Kingbird AG leases an automobile with a fair value of 27,576 from Simon Motors, on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of 600 per month (at the beginning of each month). (The present value at 0.5% per month is 26,618.) 3. Kingbird guarantees a residual value of 1,040 (the present value at 0.5% per month is 421). Kingbird expects the probable residual value to be 1,040 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Kingbird's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Record the lease on Kingbird's books at the date of commencement. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Lease Expense 532.36 Right-of-Use Asset 532.36 (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above. (e) The parts of this question must be completed in order. This part will be available when you complete the part above. (f) The parts of this question must be completed in order. This part will be available when you complete the part above