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 ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. - The contract calls for four rent payments of $20,000 each, payable semiannually on June 30 and December 31 each year. - The computers were acquired by ComputerWorid at a cost of $110,000 and were expected to have a useful life of eight 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