E $15-17$ Lessee and lessor; operating lease

L$015-4$

On January $1,2024,$ Nath$-$Langstrom Services, Inc., a computer software training firm, leased several computers under a two$-$year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of $4\%.$

The contract calls for four rent payments of $$10,000$ each, payable semiannually on June $30$ and December $31$ each year.

The computers were acquired by ComputerWorld at a cost of $$90,000$ and were expected to have a useful life of five years with no residual value.

Both firms record amortization and depreciation semiannually.

Required:

Prepare the appropriate entries for both $($a$)$ the lessee and $($b$)$ the lessor from the beginning of the lease through the end of $2024.$