Question: 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



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: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. Answer is not complete. 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. 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. X Answer is not complete. 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 yo intermediate calculations and final answers to the nearest whole dollar. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. Answer is not complete. 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
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Based on the given images and the provided information I will outline the correct journal entries for both NathLangstrom Services Lessee and ComputerWorld Leasing Lessor for the first year of the leas... View full answer
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