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Remaining Time: 1 hour, 13 minutes, 02 seconds. Question Completion Status: 3 QUESTION 2 25 points Save Anew Assume that on December 31, 2019, Kimberly-Clark Corp. signs a 10-yeur, non-cancelable lease agreement to lease a storage building from Sheffield Storage Company The following Information pertains to this lease agreement 1. The agreement requires equal rental payments of $66,074 beginning on December 31, 2019 2. The fair value of the building on December 31, 2019 is $483,462 & The building has an estimated economic Ute of 12 years, a guaranteed residual value of $10,000, and an expected residual value of $8,000. Kimberly Clark depreciates similar buildings on the straight-line method The tease is no renewable. At the termination of the lease, the building reverts to the lessor 5. Kimberly-Clark's incremental borrowing rate is 8% per year. The lessor's implicato in not known by Kimberly Clark 4, Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this is for the years 2019 2020, and 2021. Kimberly-Clark's fiscal year-end is December 31 For the toolbar.pres ALT F10 (PC) O ALT+FN+F10 (Mac) I gs Paragraph Arial 10pt E AL 1. 6 XX, The TI * 2 BEE () +] WONDS POWERTORY TINY P Click Save and Schmut to move and submit Click Se All An to our aller Save Al Answers Save and submit