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 $$10,000$ each, payable semiannually on June $30$ and December $31$ each year.

The computers were acquired by ComputerWorld at a cost of $$90,000$ 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 $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prepare appropriate journal entries recorded by Nath$-$Lang$$trom Services for the first year of the lease.

Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Required $1$

Refiuired $2$

Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the firstaccount field. $($Round your intermediate calculations and final answers to the nearest whole dollar.

$\backslash$table$[[$No$,$Date,,,Debit,Credit$],[1,$January $01,2024,$Cash,$x,10,500,],[,$Lease revenue,$x,,19,000$

Please see required $2$