Kingbird Corporation owned a manufacturing facility. Kingbird had purchased the building for $10,200,000, and had recorded $3,000,000 depreciation on the facility. On January 1, 2020, Kingbird sold the building to HMD Ltd. for $8,304,000, and then immediately signed a 35-year agreement to lease back the building for annual payments of $659,732, due at the start of each year. Title to the building would return to Kingbird at the conclusion of the lease. HMD's implied interest rate, which was known to Kingbird, was 8%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare the journal entries to be recorded by Kingbird for the 2020 fiscal year (assuming a December 31 year-end, and that Kingbird follows ASPE). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. Round factor values to 5 decimal places, e.g. 1.25124. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit in. 1, 2020 Cash 8304000 Accumulated Depreciation - Leased Buildings 3000000 Buildings 10200000 Deferred Profit on Sale-Leaseback MORE 1104000 (To record sale of building.) Jan. 1, 2020 Accumulated Depreciation - Right-of-Use Asset 7688913 Lease Liability 7688913 (To record inception of lease.) Jan. 1, 2020 Accumulated Depreciation - Right-of-Use Asset 659732 Cash 659732 (To record lease payment.) ec. 31, 2020 Depreciation Expense 219683 Accumulated Depreciation - Leased Buildings 219683 (To record depreciation expense.) Dec 31, 2020 Deferred Profit on Sale-Leaseback T! Interest Expense (To record amortization of deferred gross profit.) Dec 31, 2020 Interest Expense 562334 Deferred Profit on Sale-Leaseback 562335 (To record interest.)