Need correct account titles and amounts for journal entries.

Exercise 21-15 (Part Level Submission) Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Kingbird Company. The following information relates to this agreement. 1. 2. 3. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2020, is $64,000. 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 $4,000, none of which is guaranteed. The agreement requires equal annual rental payments of $20,943 to the lessor, beginning on January 1, 2020. The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee. Kingbird uses the straight-line depreciation method for all equipment. 4. 5. 6. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is correct. Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to 0 decimal places, e.g. 5,265.) KINGBIRD COMPANY (Lessee) Lease Amortization Schedule Interest on Reduction of Lease Liability Liability Annual Lease Payment Date Lease Liability 1/1/20 59884 1/1/20 20943 20943 38941 1/1/21 20943 1947 18996 19945 1/1/22 20943 998 19945 62829 2945 59884 Click if you would like to Show Work for this question: Open Show Work (b) Your answer is partially correct. Try again. Prepare all of the journal entries for the lessee for 2020 and 2021 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 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,265. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1/1/20 Right-of-Use Asset 59884 59884 Lease Liability (To record the lease) 1/1/20 Lease Liability 20943 Cash 20943 (To record lease payment) 12/31/20 Interest Expense 1947 Interest Payable 1947 (To record interest expense) 12/31/20 Depreciation Expense X XI IN Accumulated Depreciation- (To record amortization of the right-of-use asset) 1/1/21 Interest Payable 1947 Interest Expense 1947 (To reverse interest expense) 1/1/21 Interest Expense 1947 Lease Liability 18996 Cash 20943 (To record lease payment) 12/31/21 Interest Expense 998 X Interest Payable 998 (To record interest expense)