The following facts pertain to a non-cancelable lease agreement between Blossom Leasing Company and Kingbird Company, a lessee Commencement date Annual lease payment due at the beginning of May 1, 2017 each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate $19,656.69 $7,000 5 years 10 years $65,000 $93,000 6% 6% The collectibility of the lease payments by Blossom is probable lick here to view the factor table (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Discuss the nature of this lease to Kingbird The nature of this lease to Kingbird is a finance lease SHOW LIST OF ACCOUNTS Discuss the nature of this lease to Blossom The nature of this lease to Blossom is a sales-type lease SHOW LIST OF ACCOUNTS Prepare a lease amortization schedule for Kingbird for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.) KNGBIRD COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus BPO Interest on Liability Reduction of Lease Liability Date Lease Liability 93000 5/1/20 5/1/21 4/30/22