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 arrangemen i for 10 years. The building is expected to have a residual value at the end of the lease of $3,800,000 (unguaranteed). 2. The leased building has a cost of $4,300,000 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 $275,000 per year and are mode at the beginning of the year, 5. Biossom has an incremental borrowing rate of 5% 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. Prepare the journal entries that Blossom should make in 2020. (Credit account titles are outomatkalif indented when onscunt s entered. Do not indent monually. Round answers to O decimal ploces, es, 5,275. Record joumal entries in the order presented in the problem.) 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 arrangemen i for 10 years. The building is expected to have a residual value at the end of the lease of $3,800,000 (unguaranteed). 2. The leased building has a cost of $4,300,000 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 $275,000 per year and are mode at the beginning of the year, 5. Biossom has an incremental borrowing rate of 5% 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. Prepare the journal entries that Blossom should make in 2020. (Credit account titles are outomatkalif indented when onscunt s entered. Do not indent monually. Round answers to O decimal ploces, es, 5,275. Record joumal entries in the order presented in the problem.)