The following facts pertain to a non-cancelable lease agreement between Blossom Leasing Company and Kingbird Company, a lessee Commencement date June 1, 2020 $46,941.26 Annual lease payment beginning with June 1, 2020 Bargain purchase option price at end of lease term $12,100 Lease term 4 years Economic life of leased equipment (no salvage value) 12 years $160,000 Lessor's cost $182,000.01 Fair value of asset at June 1, 2020 Lessor's implicit rate known to lessee) 6 % Lessee's incremental borrowing rate The collectibility of the lease payments by Blossom is probable 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. Discuss the nature of this lease to Kingbird. The nature of this lease to Kingbird is a finance lease. eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is correct. Discuss the nature of this lease to Blossom The nature of this lease to Blossom is a sales-type lease. e Textbook and Media List of Accounts Attempts: 2 of 3 used (c) Prepare a lease amortization schedule for Kingbird for the 4-year lease term. (Round answers to 2 decimal places.eg. 5.275.15.) KINGBIRD COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus BPO Interest on Liability Reduction of Lease Liability ate 1/20 $ 1/20 1/21 1/22 1/23 1/24 $ eTextbook and Media List of Accounts Save for later Attempts: 0 of 3 used Submit