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Kingbird Corporation recorded a capital lease at $248,400 on January 1, 2017. The interest rate is 14%. Kingbird Corporation made the first lease payment of

Kingbird Corporation recorded a capital lease at $248,400 on January 1, 2017. The interest rate is 14%. Kingbird Corporation made the first lease payment of $44,051 on January 1, 2017. The lease requires 9 annual payments. The equipment has a useful life of 9 years with no salvage value. Prepare Kingbird Corporations December 31, 2017, adjusting entries.

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