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Record amortization for nath-langstrom services

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Reference no: EM132464918

On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, released several computers under a 2 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 4 rental payments at $10,500 each, payable semi-annually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $91,000 and were expected to have a useful life of 5 years and no residual value. Both firms record amortization and depreciation semi-annually.

Required:

Question 1: Record the beginning of the lease for Nath-Langstrom Services.

Question 2: Record the lease payment made by Nath-Langstrom Services.

Question 3: Record amortization for Nath-Langstrom Services.

Question 4: Record the lease payment made by Nath-Langstrom Services.

Question 5: Record amortization for Nath-Langstrom Services.

Question 6: Record the lease payment received by ComputerWorld Leasing.

Question 7: Record depreciation for ComputerWorld Leasing.

Question 8: Record the lease payment received by ComputerWorld Leasing.

Question 9: Record depreciation for ComputerWorld Leasing.

Reference no: EM132464918

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Record amortization for nath-langstrom services : Record amortization for Nath-Langstrom Services,Record the beginning of the lease for Nath-Langstrom Services.Record depreciation for ComputerWorld Leasing.
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