On Jaruary 1, 2020, Kingbird Co. leaved 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 $3.400.000 (unguaranteed). 2. The leased buiddinghas a cost of $4,300000 ard was purchased for cahhon Janusry 1,9020. 3. The building is deneciated on a stratght-line basiv. Its estimated economid life is 50 years with no salyage value. 4. Leace payments are $275.000 per year and are made at the beginnitig of the ver 5. Blossom has an incremental borrowigu rate of 5 F. and the rate implicit in the lease is urithawn to Blossome 6. Both the lessor and the lessee are on a talendar-year basis Prepare the journal entries that Blossom should make in 2020. (Ciedit account titles are automatically indented when amount is entered. Do not indent manivally, Round answers to O decimal ploces, eg. 5,275. Recordjournal entries in the onder presented in the problem.]