Kingbird Company leases an automobile with a fair value of $15,690 from Daniel Motors, Inc, on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of $320 per month (at the beginning of each month). (The present value at 0.5% per month is $14,196. ) 3. Kingbird guarantees a residual value of $1.500 (the present value at 0.5% per month is $1.169., Kingbird expects the probable residual value to be $1,500 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Kingbird sincremental borrowing rate is 6% a year (Q. 50\% a month). Daniel's implicit rate is unknown. Clickhere to view factor tables. (For colculation purposes, use 5 decimal ploces as displayed in the foctor toble provided.) (a) What is the nature of this lease to Kingbird? The nature of this lease is ayan lease. What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal ploces. eg. 5.275. ) Present value of the lease payments $ List of Accounts Attempts: unlimited (c) The parts of this question must be completed in order. Thes part will be available when you complete the part above