(Solved): On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased sever ...

On January 1, 2021, Nath-Langstrom Services, Inc., 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 \( \$ 20,000 \) each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of \( \$ 110,000 \) and were expected to have a useful life of eight years with no residual value. Both firms record amortization and depreciation semiannually. (FV of \( \$ \), PV of \$1. FVA of \$1, PVA of \$1. FVAD of \$1 and PVAD of \$1) (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 ComputerWorld Leasing for the first year of the lease. Answer is not complete. Complete this question by entering your answers in the tabs below. 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.)