Business, 30.05.2020 03:04 bcaughman6885
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 $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 semiannually. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1.)
Required:
Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of 2021. (Round your intermediate calculations and final answers to the nearest whole dollar.)
Answers: 3
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On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several...
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