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blsea [12.9K]
3 years ago
7

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 $13,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semi-annually.
Required:
1. Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of 2018.
Business
1 answer:
LiRa [457]3 years ago
7 0

Answer:

Answer to the question :

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 $13,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semi-annually.

Required:

1. Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of 2018.

is explained in the attachment.

Explanation:

Download pdf
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Explanation:

Please refer the complete question:

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LeBron's Bookstores has two divisions: media and books. The media division had another great year with net sales of $14 million,
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Answer:

$1,820,000

Explanation:

Calculation to determine at what amount did LeBron's Bookstores report the discontinued operations

Using this formula

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