Question

Exercises 3, 5, 7, 10-13, 15, 17, 24, 26, 29-30 Help Save & Exit Sub Check my wor On January 1, 2018, 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 $18,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $107,000 and were expected to have a useful life of Five years with no residual value. Both firms record amortization and depreciation semi-annually. (EV of $1, PV of $1, EVA of Si, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 00:20:11 Required: ooed Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations to the nearest whole dollar amount.) Book Hint Print eferences View transaction list Journal entry worksheet 4 6 Record the beginning of the lease for Nath-Langstrom Services. Note: Enter debits before credits View transaction list ints Import a new list 00:19:33 Record the amortization expense for Nath-Langstrom Services 5 Skipped 6 Record the lease revenue received by ComputerWorld Leasing eBook Hint Print References Record the Depreciation expense for ComputerWorld Leasing 7 Credit Record the lease revenue received by ComputerWorld Leasing. 8 Record the Depreciation expense for ComputerWorld Leasing 9 Note : ● = journal entry has been entered Record entry

Answer 1

Delit Csedl 11i12013 Use Asse Lease payable C$1g5oox3-8072 Payable Lease Rayable Coce nse Cash Clease Paumert Riht of Use Asse! ex pense Cr ense/21x(70443-1709)| 106 גו433 able Coicc shaemant eoSe 185 00 LTe recod he lease ment 3 Amoo Expense 2soo o643 3 Rih of Use Asset epese nua