Kingbird Corporation recorded a right-of-use asset for $248,400 as a result of a finance lease on December 31, 2019. Kingbird's incremental borrowing rate is 14%, and the implicit rate of the lessor was not known at the commencement of the lease. Kingbird made the first lease payment of $44,051 on on December 31, 2019. The lease requires 9 annual payments. The equipment has a useful life of 9 years with no residual value. Prepare Kingbird's December 31, 2020, entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Round answers to 0 decimal places e.g. 5,275.) Date December 31, 2020 December 31, 2020 Account Titles and Explanation (To record interest expense) (To record amortization of the right-of-use asset) Debit Credit