Question: On January 1 , 2 0 1 8 , Nath - Langstrom Services, Inc., a computer software training firm, leased several computers under a two
On January NathLangstrom Services, Inc., a computer software training firm, leased several computers under a twoyear operating lease agreement from ComputerWorld leasing, which routinely finances equipment for other firms at an annual interest rate of The contract calls for four rent payments of $ each, payable semiannually on June and December each year. The computers were acquired by ComputerWorld at a cost of $ and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually.
Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of
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