Prepare the journal entries on the books of Kingbird Leasing to record the payments reveived under the lease and to recognize income for the years 2025 and 2026.

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Kingbird Leasing Company signs a lease agreement on January 1,2025 , to lease electronic equipment to Blossom Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement. 1. Blossom has the option to purchase the equipment for $12,000 upon termination of the lease. It is not reasonably certain that Blossom will exercise this option. 2. The equipment has a cost of $100,000 and fair value of $120,000 to Kingbird Leasing. The useful economic life is 2 years, with a residual value of $12,000. 3. Kingbird Leasing desires to earn a return of 6% on its investment. 4. Collectibility of the payments by Kingbird Leasing is probable. \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline \multirow[t]{4}{*}{1/1/25} & Lease Liability & 120000 & \\ \hline & Cost of Goods Sold & & \\ \hline & Sales Revenue & & \\ \hline & Imventory & & 100000 \\ \hline \multirow[t]{3}{*}{2/31/25} & Cash & & \\ \hline & Lease Receivable & & \\ \hline & Interest Revenue & & \\ \hline \multirow[t]{3}{*}{2/31/26} & Cash & & \\ \hline & Lease Receivable & & \\ \hline & Interest Revenue & & \\ \hline \end{tabular}