(Solved): also prepare the journal entries to record the lease payment, amortization of the right of use asset ...

Laura Leasing Company signs an agreement on January 1,2020, to lease equipment to Kingbird Company, The following information relates to this agreement. 1. The term of the non-cancelablelease is 3 years with no renewal option, The equipment has an estimated economic life of 5 years. 2. The fair value of the assel at January 1,2020 , is $\$55,000$. 3. The assat will revert to the lessor at the end of the lese term at which time the asset is poxpected to have a revidualvalue of $\$5.000$, none of which is guaranteed. 6. Kingbird uses the straight-line depreciation method for all equipment. Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to 0 decimal ploces, es $5,265$.