Please help me 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 interestrate of 4%.The contract calls for four rent payments of $14,500 each, payable semiannually on June 30 and December 31 each year.• The computers were acquired by ComputerWorld at a cost of $99,000 and were expected to have a useful life of five years withno residual value. Both firms record amortization and depreciation semiannuallyNote: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1)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 ComputerWorld Leasing for the first year of the lease.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare 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 yourintermediate calculations and final answers to the nearest whole dollar.)General JournalNo12341DateJanuary 01, 2024 Right of use assetLease payableJune 30, 2024June 30, 2024Interest expenseLease payableCashAmodization expenseRight of use assetAnswer is not complete.December 31, 200 interest expenseLease payableCashDecember 31, 202 Amortization expenseRight of use ansetO00 000 00O00000Debit55,212 ORequired 2 >814 O0013,00013,600 O541 013,950 O13.000Credit55,21214,50013,60014,500 O13,950 O 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 interestrate of 4%.. The contract calls for four rent payments of $14,500 each, payable semiannually on June 30 and December 31 each yearThe computers were acquired by ComputerWorld at a cost of $99,000 and were expected to have a useful life of five years withno residual value.. Both firms record amortization and depreciation semiannually.Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1)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 ComputerWorld Leasing for the first year of the lease.Answer is not complete.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare 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 first account field. (Round yourintermediate calculations and final answers to the nearest whole dollar).General JournalNo12345DateJanuary 01, 2024 No journal entry requiredJune 30, 2024June 30, 2024CashLease revenueDepreciation expenseAccumulated depreciationDecember 31, 202 CashDecember 31, 202 Depreciation expensoAccumulated depreciation< Required 1Ⓡ0000ⒸO00Seamed TDebit14,5009,90014,5009.900Credit14,5009,900 Ⓒ9,900

The journal entries are used to recognize the financial transactions, record of journals is first…

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 $14,500 each, payable semiannually on June 30 and December 31 each year. . The computers were acquired by ComputerWorld at a cost of $99,000 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. (EV of $1. PV of $1, EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) 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 ComputerWorld Leasing for the first year of the lease. Complete this question by entering your answers in the tabs below. Required 1 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) General Journal No 1 2 3 4 1 Required 2 Date January 01, 2024 Right of use asset Lease payat June 30, 2024 June 30, 2024 Interest expense Lease payable Cash Amodization expense Right of use asset December 31, 20 interest expense Answer is not complete. Cash December 31, 200 Amortation expense Right of ent 00 000 00 000 00 Required 2 > Debit 55,212 814 O 13,000 00 13,000 O 5410 13,950 13,000 Credit 56,212 14,500 13.00 O 14,500 13,050

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q