Question

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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 $19.500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $109.000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually. V of S1, PV of $1. FVA of $1. PVA of SL EVAD of $1 and PVAD of SD (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 Computer World 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 Required 2 Prepare appropriate journal entries recorded by Computerworld 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.) General Journal Debit Credit NO 1 Date June 30, 2021 19.500 Cash Lease revenue June 30.2021 109 000 Depreciation expense Accumulated depreciation 00 00 00 109.000 3 19 500 December 31, 202 Cash Larvence 19 500 21,800 December 31, 202 Depreciation expense Accumulated depreciation