Kingbird Company leased equipment from Costner Company, beginning on December 31, 2024. The lease term is 5 years and requires equal rental payments of $92,628 at the beginning of each year of the lease, starting on the commencement date (Decernber 31 . 2024). The equipment has a fair value at the commencement date of the lease of $380,000, an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 11%. Click here to view factor tables. Prepare Kingbird's 2024 and 2025 journal entries, assuming Kingbird depreciates similar equipment it owns on astraight-line basis. (List all deblt entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manuolly. If no entry is required, select "No Entry" for the occount titles and enter Of for the amounts. For calculation purposes, use 5 decimal ploces as disployed in the foctor table provided and round final answers to 0 decimal places, es. 5,275. Record joumol entries in the order presented in the problem.)