On January 1,2020, Kingbird Co, leased a building to Blossom Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $2,500,000 (unguaranteed). 2. The leased building has a cost of $3,000,000 and was purchased for cash on January 1,2020 . 3. The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. 4. Lease payments are $255,000 per year and are made at the beginning of the year. 5. Blossom has an incremental borrowing rate of 7%, and the rate implicit in the lease is unknown to Blossom. 6. Both the lessor and the lessee are on a calendar-year basis. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Prepare the journal entries that Kingbird should make in 2020. (Credit account titles are automatically indented when