Your answer is partially correct. Kingbird Corporation recorded a right-of-use asset for $289,600 as a result of a finance lease on December 31, 2019. Kingbird's incremental borrowing rate is 14%, and the implicit rate of the lessor was not known at the commencement of the lease, Kingbird made the first lease payment of $ 54,762 on on December 31, 2019. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Kingbird's December 31, 2020, entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places eg. 5,275.) Account Titles and Explanation Debit Credit Date December 31, 2020 Lease Liability 21892 Interest Expense 32876 Date Account Titles and Explanation Debit Credit December 31, 2020 Lease Liability 21892 Interest Expense 32876 Cash 54768 (To record interest expense) December 31, 2020 Amortization Expense 36200 Right-of-Use Asset 36200 (To record amortization of the right-of-use asset)