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On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm feased 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 4%. The contract calls for four rent payments of $15,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $101.000 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 St. PVAD of $i and PVAD of S1) (Use appropriate factors) 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate journal entries recorded by Nath-Langstrom Services 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 anders to the nearest whole dollar) Vlow transaction at Journal entry worksheet 1 2 3 4 5 Record the beginning of the lease for Nath-Langstrom Services, Nate. Enter debits before credits Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general Journal 1 Required 2 > Vlew transaction lat Journal entry worksheet Record the lease payment made by Nath-Langstrom Services. Note Enterdetits before credits General Journal Date June 30, 2021 Debit Credit Record entry Clear entry View general Journal Required 2 > View transaction list Journal entry worksheet 2 2 Record the lease payment made by Nath-Langstrom Services. Natenter debits before credits w Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general Journal Required 2 > Required 1 Required 2 Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. (Ifn transaction/event, select "No journal entry required" in the first account field. (Round your intermediate cald the nearest whole dollar) View transaction list Journal entry worksheet 2. 3 5 Record amortization for Nath-Langstrom Services. Note: Enter de bits before credits Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal Required Required 2 > View transaction ist Journal entry worksheet Record the lease payment received by Computerworld Leasing. Note: Enter debits before credits General Journal Debit Credit Date June 30, 2021 Record entry Clear entry View general Journal Record depreciation for ComputerWorld Leasing. Nate Enter debit before credits Date General Journal Debit Credit June 30, 2021 Record entry Clear entry View general Journal > Record the lease payment received by Computer World Leasing, Note: Enter dobits before credits Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general Journal
