On January 1 , 2 0 2 4 , Nath - Langstrom Services, Incorporated, a computer software
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Question:
On January NathLangstrom 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
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.
Required:
Prepare appropriate journal entries recorded by NathLangstrom Services for the first year of the lease.
Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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