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Corporation under a two year operating lease agreement

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Reference no: EM13881018

1.On January 1, 2013, Nath Langstrom Services, Inc., a computer software training firm, leased several computers from ComputerWorld Corporation under a two year operating lease agreement. The contract calls for four rent payments of $10,000 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 six years with no residual value.

Required:
Prepare the appropriate entries for both 
(a) The lessee and 
(b) The lessor from the inception of the lease through the end of 2013.

Reference no: EM13881018

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