show of calculations will help! thanks.

Question 2 View Policies Current Attempt in Progress Pina Incorporated leases a piece of equipment to Kingbird Corporation on January 1, 2020. The lease agreement called for annual rental payments of $4,970 at the beginning of each year of the 4-year lease. The equipment has an economic useful life of 6 years, a fair value of $25,900, a book value of $20,900, and both parties expect a residual value of $8,350 at the end of the lease term, though this amount is not guaranteed. Pina set the lease payments with the intent of earning a 4% retum, and Kingbird is aware of this rate. There is no bargain purchase option ownership 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) Determine the nature of the lease to both Pina and Kingbird. The lease is a/an operating lease to Pina The lease is a/an operating lease to Kingbird. e Textbook and Media List of Accounts Prepare the lease amortization schedules for Kingbird for all 4 years of the lease. (Round answers to decimal places, s. 5.275) Prepare the lease amortization schedule(s) for Kingbird for all 4 years of the lease. (Round answers to O decimal places, eg. 5,275.) KINGBIRD CORPORATION Lease Amortization Schedule Annuity.Due Basis Reduction of Interest on Liability Lease Liability $ Date Annual Payment Lease Liability 1/1/20 $ $ $ 1/1/20 1/1/21 1/1/22 1/1/23 Lease Expense (Straight-Line) Lease Expense Schedule Interest on Amortization of Lease Liability ROU Asset Carrying Value of ROU Asset Date 1/1/20 $ $ $ 12/31/20 12/31/21 12/31/22 12/31/23 e Textbook and Media Prepare the journal entries for Kingbird for 2020 and 2021. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Rec presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) e Textbook and Media List of Accounts Suppose Kingbird incurs initial direct costs of $700 related to the lease. Prepare the journal entries for 2020. (Credit account titles are automatically indented not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit (To record the lease) (To record lease payment) e Textbook and Media List of Accounts