On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a twoyear 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 $13,000 each, payable semiannually on June 30 and December 31 each year. - Thercomputers were acquired by ComputerWorld at a cost of $96,000 and were expected to have a useful life of eight years with no residual value. - Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1, EVA of $1, PVA of $1, EVAD of $1 and PVAD of $1 ) 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. Prepare appropriate joumal entries recorded by Nath-Langstrom Services for the first year of the lease. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account feld, (Round your intermediate calculations and final answers to the nearest whole dollar.) Journal entry worksheet 2 Record the beginning of the lease for Nath-Langstrom Services. Note: Enter debits before credits. Journal entry worksheet 5 Record the lease payment made by Nath-Langstrom Services. Note: Enter debits before credits. Journal entry worksheet 5 Record amortization for Nath-Langstrom Services. Note: Enter debits before credits. ournal entry worksheet Record the lease payment made by Nath-Langstrom Services. Note: Enter debits before credits. ournal entry worksheet 12 Record amortization for Nath-Langstrom Services. Note: Enter debits before credits. epare appropriate journal entries recorded by ComputerWorld Leasing for the first year of ote: If no entry is required for a transaction/event, select "No journal entry required" in the termediate calculations and final answers to the nearest whole dollar.) Journal entry worksheet 5 Record the beginning of the lease for ComputerWorld Leasing. Note: Enter debits before credits. are appropriate journal entries recorded by ComputerWorld Leasing for the first year of t : If no entry is required for a transaction/event, select "No journal entry required" in the rmediate calculations and final answers to the nearest whole dollar.) Journal entry worksheet 5 Record the lease payment received by ComputerWorld Leasing. Note: Enter debits before credits. apare appropriate journal entries recorded by ComputerWorid Leasing for the first year or te: If no entry is required for a transaction/event, select "No journal entry required" in the ermediate calculations and final answers to the nearest whole dollar.) Journal entry worksheet Record depreciation for ComputerWorld Leasing. Note: Enter debits before credits. Journal entry worksheet Record the lease payment received by ComputerWorld Leasing. Note: Enter debits before credits. If no entry is required for a transaction/event, select "No journal entry required" in th rmediate calculations and final answers to the nearest whole dollar.) Journal entry worksheet Record depreciation for ComputerWorld Leasing. Note: Enter debits before credits
