On January $1,2024,$ Nath$-$Langstrom Services, Incorporated, 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 $$14,000$ each, payable semiannually on June $30$ and December $31$ each year.

The computers were acquired by ComputerWorld at a cost of $$98,000$ and were expected to have a useful life of seven 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:

Prepare appropriate journal entries recorded by Nath$-$Langstrom Services for the first year of the lease.

Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.

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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.$)$On January $1,2024,$ Nath$-$Langstrom Services, Incorporated, 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 $$14,000$ each, payable semiannually on June $30$ and December $31$ each year.

The computers were acquired by ComputerWorld at a cost of $$98,000$ and were expected to have a useful life of seven 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:

Prepare appropriate journal entries recorded by Nath$-$Langstrom Services for the first year of the lease.

Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.