Pina Corporation leased equipment to Kingbird, Inc. on January 1, 2020. The lease agreement called for annual rental payments of 51.720 at the beginning of each year of the 2 year lease. The equipment has an economic useful life of 6 years, a fair value of $8,200, a book value of $6,200, and Pina expects a residual value of $5,700 at the end of the lease term. Pina set the lease payments with the intent of earning a 8% return, though Kingbird is unaware of the rate implicit in the lease and has an incremental borrowing rate of 10%. There is no bargain purchase option, cwnership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature. Click here to view factor tables (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Your answer is correct What is the amount of the rental payments used in the lease agreement? (Round answer to decimal places, eg. 5,275) Rental payments S 1720 e Text Prepare the entries for Pina for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg 5,275. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 11/20 Cash 1720 Unearned Lease Revenue 12/31/20 Unearned Lease Revenue 1720 Lease Revenue (To record the recognition of the revenue) 12/31/20 Depreciation Expense 416,66 Lesed Equipment 416. (To record depreciation expense on the leased equipment)