Exercise 15-17 Lessee and lessor; operating lease [LO15-4] On January 1, 2018, Nath-Langstrom Services, Inc., 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 $11,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $92,000 and were expected to have a useful life of Five years with no residual value. Both firms record amortization and depreciation semi-annually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of |$1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations to the nearest whole dollar amount.) General Journal Date Credit Debit January 01, 2018 Right-of-use asset 1 20,167 Lease payable 20,167( Interest expense June 30, 2018 1,210 2 Lease payable 9,790 Cash 11,000 June 30, 2018 Amortization expense 9,790 3 Right-of-use asset 9,790 December 31, 201 Interest expense 623 (X 4 Lease payable 10,377 Cash 11,000 No December 31, 201| Interest expense 623 (X 4 Lease payable 10,377(X Cash 11,000 December 31, 201 Amortization expense 5 10,377 Right-of-use asset 10,377 June 30, 2018 6 Cash 11,000 Lease revenuel 11,000 June 30, 2018 Depreciation expense 9,200 7 Accumulated depreciation 9,200 December 31, 201 Cash 11,000 8 Lease revenuel 11,000 December 31, 201 Depreciation expense 9,200 9 Accumulated depreciation 9,200 LO October 01, 2018 5 (X December 31, 201 6 December 31, 201 7 8 January 01, 2019 KAmort Schedule General Journal LO CO