Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

fix the erorrs. tried entering the answers couple of times but still getting them wrong. help asap pls On January 1, 2021, Nath-Langstrom Services, Inc.,

fix the erorrs. tried entering the answers couple of times but still getting them wrong. help asap pls image text in transcribed
On January 1, 2021, 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 forms at an annual Interest rate of 4% The contract calls for four rent payments of $19.500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $109,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of 51 and PVAD of SD) (Use appropriate factor(s) from the tables provided.) 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 complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate journal entries recorded by Computerworld Leasing for the first year of the lease. (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) No General Journal Credit Date June 30, 2021 Debit 19.500 1 Cash Lease revenue 19.500 00 00 2 June 30, 2021 18.563 X Depreciation expense Accumulated depreciation 18.563 3 19.500 December 31, 202 Cash Lease revenue 19.500 18,5633 December 31, 202 Depreciation expense Accumulated depreciation 18.563

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions

Question

=+7. For the cost matrix of Exercise 3,

Answered: 1 week ago