On January $1,2024,$ Nath$-$Langstrom 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 $4\%.$

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$-$Langstrom Services for the first year of the lease.

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

Prepare appropriate journal 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 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 Nath$-$Langstrom Services.

Note: Enter debits before credits.

Date General Journal Debit Credit

January $01,2024$

Record the lease payment made by Nath$-$Langstrom Services.

Note: Enter debits before credits.

Date General Journal Debit Credit

June $30,2024$

Record amortization for Nath$-$Langstrom Services.

Note: Enter debits before credits.

Date General Journal Debit Credit

June $30,2024$

Record the lease payment made by Nath$-$Langstrom Services.

Note: Enter debits before credits.

Date General Journal Debit Credit

December $31,2022$