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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 Computer World Leasing,

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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 Computer World 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. (V of $1. PV of $1. FVA of $1. PVA of $1. EVAD 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.) View transaction list Journal entry worksheet 1 0 0 0 0 0 0 0 0 Record the beginning of the lease for Nath-Langstrom Services. Note: Enter debits before credits Date General Journal Debit Credit January 01. 2018 Right of use asset rease payable calculations to the nearest whole dollar amount.) View transaction list Book Record the beginning of the lease for Nath-Langstrom Services. Hint Print 2 Record the lease payment and interest expense for Nath- Langstrom Services. rences Record the amortization expense for Nath-Langstrom Services. Credit Record the lease payment and interest expense for Nath- Langstrom Services. Record the amortization expense for Nath-Langstrom Services. Darned the loc runnin rrnind hur Note : = journal entry has been entered Record entry Clear entry View general journal No General Journal Debit Credit Date January 01, 2018 Right-of-use asset Lease payable June 30, 2018 Interest expense Lease payable Cash 17,000 June 30, 2018 Amortization expense Right-of-use asset December 31, 201 Interest expense Lease payablo Cash December 31, 201 Amortization expense Right-of-use asset 6 June 30, 2018 Cash 17,000 Lease revenue 17,000 7 June 30, 2018 10,400 Depreciation expenso Accumulated depreciation 10.400

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