{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T07:00:37-04:00", "answer_date": "2024-05-26 07:00:37", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1725620", "url": "\/study-help\/questions\/on-january-1-2021-nathlangstrom-services-inc-a-computer-software-1725620", "question_creation_date_js": "2024-05-26T07:00:37-04:00", "question_creation_date": "May 26, 2024 07:00 AM", "meta_title": "[Solved] On January 1, 2021, Nath-Langstrom Servic | SolutionInn", "meta_description": "Answer of - On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a | SolutionInn", "meta_keywords": "january,1,2021,nath-langstrom,services,inc.,computer,software,training,firm,leased,computers", "question_title_h1": " On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing,", "question_title": " On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training", "question_title_for_js_snippet": "On January 1, 2021, 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 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 $1 EVAD of $1 and PVAD of $1) (Use appropriate factor(s) 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 answers to the nearest whole dollar )", "question_description": "\"image", "transcribed_text": "On January 1, 2021, 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 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 $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) 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 answers to the nearest whole dollar.)", "related_book": { "title": "Cornerstones of Financial and Managerial Accounting", "isbn": "9780538751292, 324787359, 538751290, 978-0324787351", "edition": "1st Edition", "authors": "Rich Jones, Mowen, Hansen, Heitger", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/145.jpg", "uri": "\/textbooks\/cornerstones-of-financial-and-managerial-accounting-1st-edition-145", "see_more_uri": "" }, "free_related_book": { "isbn": "1642143766", "uri": "\/textbooks\/all-hallows-eve-night-1st-edition-9781642143768-9781642143775-97652", "name": "All Hallows Eve Night", "edition": "" }, "question_posted": "2024-05-26 07:00:37", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/harry-bhel-carries-a-business-as-a-sole-proprietorship-during-701798", "description": "Harry Bhel carries a business as a sole proprietorship. 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