Exercise 15-17 (Algo) Lessee and lessor; operating lease [LO15-4] On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a twoyear operating lease agreement from ComputerWorid Leasing. Which routinely finances equipment for other firms at an annual interest tate of 4% - The contract calls for four rent payments of $12,500 each, payable semiannually on June 30 and December 31 each year. - The computers were acquared by ComputerWorld at a cost of $95,000 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 colculator. (EV of \$1. PV of \$1. EVA of \$1. PVA of \$1, FVAD of S1 and PVAD of S1) 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 ComputerWorid Leasing for the first year of the lease. Journal entry worksheet 2 5 Record the beginning of the lease for Nath-Langstrom Services. Note: Enter debits before credits. Journal entry worksheet Record the lease payment made by Nath-Langstrom Services. Note: Enter debits before credits. Journal entry worksheet Record amortization for Nath-Langstrom Services. Note: Enter debits before credits. Prepare appropriate joumal 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.) Journal entry worksheet Record the lease payment made by Nath-Langstrom Services. Note. Enter debits before credits. 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:) Journal entry worksheet