On January $1,2024,$ Nath$-$Langstrom Services, Incorporated, 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 $4\%.$

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.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required :

Prepare appropriate journal entries recorded by Nath$-$Langstrom Services for the first year of the lease.

June $01,2024$ Record the beginning of the lease for Nath$-$Langstorm Services

June $30,2024$ Record the lease payment made by Nath$-$Langstorm Services

June $30,2024$ Record the Amortization for Nath$-$Langstorm Services

December $31,2024$ Record the lease payment made by Nath Langstrom Services

December $31,2024$ Record the Amortization for Nath langstorm services

Required $2$

Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.

January $01,2024$ Record the beginning of the lease for ComputerWorld Leasing

June $30,2024$ Record the lease payment recieved by computer world leasing

June $30,2024$ Record depreciation for Computer World leasing

December $31,2024$ Record the lease payment recieved by computerworld leasing

Decmeber $31,2024$ Record the depreciation for ComputerWorld Leasing