On January 1, 2021, Nath-Langstrom Services., a computer software training firm, leased several dcomputers from ComputerWorld Corporation under a two-year lease agreement. The contract calls

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On January 1, 2021, Nath-Langstrom Services., a computer software training firm, leased several dcomputers from ComputerWorld Corporation under a two-year lease agreement. The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of = six years with no residual value. Nath-Langstrom's incremental borrowing rate is 10% per annum. Required: Prepare the appropriate entries for both (a) the lessee and (b) the lessor from the inception of the lease through the end of 2021. (Use strilight-line depreciation.) On January 1, 2021, Nath-Langstrom Services., a computer software training firm, leased several dcomputers from ComputerWorld Corporation under a two-year lease agreement. The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of = six years with no residual value. Nath-Langstrom's incremental borrowing rate is 10% per annum. Required: Prepare the appropriate entries for both (a) the lessee and (b) the lessor from the inception of the lease through the end of 2021. (Use strilight-line depreciation.)