1000! THE SHOW What is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question B Exercise 15-8 (Algo) Sales-type lease with selling profit; lessor; calculate lease payments [LO15-3] Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $96.000. Manufacturers Southern's fiscal year ends December 31, (EVof 51 PV of 51. EVA of $1. PVA of $1. EVAD of $1 and EVAD OLS) (Use appropriate factor(s) from the tables provided.) Related Information: Lease tere Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $16,500 at the beginning of wath period 2 years $125,170 Required: 1. Show how International Machines determined the $16,500 quarterly lease payments 2. Prepare appropriate entries for International Machines to record the lease at its beginning. January 1, 2021 and the second leuse payment on April 1, 2021 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2