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Send my question to an expert 1 . Record the beginning of the lease for Nath - Langstrom Services. 2 . Record the lease payment
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Record the beginning of the lease for Nath
Langstrom Services.
Record the lease payment made by Nath
Langstrom Services.
Record amortization for Nath
Langstrom Services.
Record the lease payment made by Nath
Langstrom Services.
Record amortization for Nath
Langstrom Services.
Record the beginning of the lease for ComputerWorld Leasing.
Record the lease payment received by ComputerWorld Leasing.
Record depreciation for ComputerWorld Leasing.
Record the lease payment received by ComputerWorld Leasing.
Record depreciation for ComputerWorld Leasing. On January NathLangstrom Services, Incorporated, 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
The contract calls for four rent payments of $ each, payable semiannually on June and December each year.
The computers were acquired by ComputerWorld at a cost of $ and were expected to have a useful life of five years with
no residual value.
Both firms record amortization and depreciation semiannually.
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Required:
Prepare appropriate journal entries recorded by NathLangstrom Services for the first year of the lease.
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 journal entries recorded by NathLangstrom Services for the first year of the lease.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Round your
intermediate calculations and final answers to the nearest whole dollar.
Journal entry worksheet
Record the beginning of the lease for NathLangstrom Services.
Note: Enter debits before credits.
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