On January $1,2024,$ Nath$-$Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two$-$ On January $1,2024,$ Nath$-$Langstrom Services, Incorporated, 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 $6\%.$

The contract calls for four rent payments of $$14,000$ each, payable semiannually on June $30$ and December $31$ each year.

The computers were acquired by ComputerWorld at a cost of $$98,000$ and were expected to have a useful life of seven years

with no residual value.

Both firms record amortization and depreciation semiannually.

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

Required:

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

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

Complete this question by entering your answers in the tabs below.

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. $($Round your

intermediate calculations and final answers to the nearest whole dollar.$)$

$1$ Record the beginning of the lease for ComputerWorld

Leasing.

year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest

rate of $6\%.$

The contract calls for four rent payments of $$14,000$ each, payable semiannually on June $30$ and December $31$ each year.

The computers were acquired by ComputerWorld at a cost of $$98,000$ and were expected to have a useful life of seven years

with no residual value.

Both firms record amortization and depreciation semlannually.

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

Required:

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

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

Complete this question by entering your answers in the tabs below.

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. $($Round your

intermediate calculations and final answers to the nearest whole dollar.$)$

View transaction list

$1$ Record the beginning of the lease for Nath$-$Langstrom

Services.

$2$ Record the lease payment made by Nath$-$Langstrom

Services.

$3$ Record amortization for Nath$-$Langstrom Services.

$4$ Record the lease payment made by Nath$-$Langstrom

Services.

$5$ Record amortization for Nath$-$Langstrom Services.