Laura Leasing Company signs an agreement on January $1,2020,$ to lease equipment to Kingbird Company. The following information relates to this agreement: $1.$ The term of the non$-$cancelable lease is $3$ years with no renewal option, The equipment has an estimated economic life of $5$ years. $2.$ The fair value of the asset at January $1,2020,$ is $$73,000.3.$ The asset will revert to the lessor at the end of the lease term. at which time the asset is expected to have a residual value of $$10,000,$ none of which is guaranteed. $4.$ The agreement requires equal annual rental payments of $$22,213\mathrm{.}44$ to the lessor, beginning on January $1,2020.5.$ The lessee's incremental borrowing rate is $5\%.$ The lessor's implicit rate is $4\%$ and is unknown to the lessee. $6.$ Kingbird uses the straight$-$line depreciation method for all equipment. Click heroto view factortables Prepare all of the journal entries for the lessee for $2020$ to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee's annual accounting period ends on December $31.($For colculation purposes, use $5$ decimal ploces as displayed in the foctor table provided and round answers to $2$ decimal places es $5,265\mathrm{.}25.$ Credit account titles are outomatically indented when the amount is entered. Do not indent manually. Record joumal entries in the order presented in the problem.$)$ Date Account Titles and Explanation $($To record the lease$)($To record lease liability$)$