On January 1, 2024, Nath-Langstrom Services, incorporated, a computer software training firm, leased several computers...
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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, whch routinely finances equipment for other firms at an annual interest rate of 4%. - The contract calls for four rent payments of $19,500 euch, payble semiannually on June 30 and December 31 each year. - The computers were acquired by ComputerWorld at a cost of $109000 and were expected to have a useful life of five years with noresidual value - Both fims record amortization and depreciation semiannually. Note: Use tables, Excel, or o financial calculator. (FV of S1. PV of S1. EVA of S1. PVA of S1. EVAD of S1 and PVAD ofS1) Required: 1. Prepare approptiate journal entries recorded by Nath Langstron Services for the first year of the lease: 2. Prepare appropriate journat entries recorded by ComputerWond Leasing for the first yeat of the lease
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