What am I missing? The program is showing my answer as incomplete, but everything that I have is correct so far. Is this all correct, or am I missing something?
Exercise 15-17 (Algo) Lessee and lessor; operating lease (LO15-4] 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 $13,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $97,000 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, FVAD 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.) 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.) View transaction list View journal entry worksheet No General Journal Debit Credit 1 Date January 01, 2021 Right-of-use asset Lease payable 51,404 51.404 2 June 30, 2021 Interest expense 1,028 Lease payable 12,472 13,500 3 June 30, 2021 Amortization expense 12,472 Right-of-use asset 12,472 4 December 31 2021 Interest expense 779 12,721 Lease payable Cash 13,500 5 December 31, 2021 Amortization expense 12,721 Right-of-use asset 12,721 Required 1 Required 2 Prepare appropriate journal entries recorded by Computer World Leasing 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.) View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 June 30, 2021 Cash 13,500 Lease revenue 13,500 2 June 30, 2021 9,700 Depreciation expense Accumulated depreciation 9,700 3 December 31, 2021 Cash 13,500 Lease revenue 13,500 4 December 31, 2021 Depreciation expense 9,700 Accumulated depreciation 9,700
