On January 1,2020, Kingbird Co.leased a building to Blossom Inc. The relevant information related to the fease is as follows: 1. The lease arrangement is for 10 years. The building is expected to have a residoal value at the end of the leasetaf $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 deprecinted on straight-line basis: its estimated economic life is 50 years with nosalyage value 4. Lease payments are $275,000 per year and are made at the beginning of the year 5. Blossom has an incremental bocrowing rate of 5% and the rate implicit in the lease is unknowni to Blossom. 6. Both the fessorand the lesseeare on a calendar-year bisis. Prepare the journal entries that Kingbird should make in 2020. (Cnedit occount titiles ore antomatically Indented when amount if entered. Do not indent manually Recoord Joumal entries in the order preserted in the problem. (Io record receipt of lease payment) (Fo iecord the reoognition of the revenue each period) (Fo recoed depreciation expense on the leased asset)