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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

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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 $17,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $104,000 and were expected to have a useful life of Five years with no residual value. Both firms record amortization and depreciation semi-annually. (EV of $1. PV of $1. EVA of $1. PVA $1. EVAD of $1 and PVAD of $1 (Use appropriate foctor(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.) View transaction list 1 Record the beginning of the lease for Nath-Langstrom Services 2 Record the lease payment and interest expense for Nath Langstrom Services 3 Record the amortization expense for Nath-Langstrom Services Credit 4 Record the lease payment and interest expense for Nath Langstrom Services + View transaction list LanySuvi Services. 4:45:48 5 Record the amortization expense for Nath-Langstrom Services. ook 6 Record the lease revenue received by Computerworld Leasing. 7 Record the Depreciation expense for Computerworld Leasing. ences Credit 8 Record the lease revenue received by Computerworld Leasing. 9 Record the Depreciation expense for Computerworld Leasing. Note : = journal entry has been entered Record entry Clear entry View general journal

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