On January 1,2025, 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 $3,800,000 (unguaranteed). 2. The leased building has a cost of $4,300,000 and was purchased for cash on January 1, 2025. 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 made at the beginning of the year. 5. Blossom has an incremental borrowing rate of 5%, and the rate implicit in the lease istinknown 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) 1/1/25 Bulding: 4300000 Cash 4300000 (To record cost of the building) 1/1/25 ant 275000 Uneamed Lease Revenue (To record receipt of lease payment) 12/31/25 Uniamed Lase Revenue 275000 Lease Revenue 27500C (To record the recognition of the revenue each period) 12/31/25 \% Depreclation Expense 86000