Aanufacturers Southern leased high$-$tech electronic equipment from International Machines on January $1,2021.$ International Machines nanufactured the equipment at a cost of $$91,000.$ Manufacturers Southern's fiscal year ends December $31.(FV$ of $$1,$ PV of $$1,$ EVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$

Related Information:

Lease term $2$ years $(8$ quarterly periods$)$

Quarterly rental payments $$15,300$ at the beginning of each period

Economic life of asset

Fair value of asset

Implicit interest rate

$2$ years

$$112,446$

$10\%$

Required:

Show how International Machines determined the $$15,300$ quarterly lease payments.

Prepare appropriate entries for International Machines to record the lease at its beginning, January $1,2021,$ and the second lease payment on April $1,2021.$

Complete this question by entering your answers in the tabs below.

Required $1$

Show how International Machines determined the $$15,300$ quarterly lease payments. $($Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to $1$ decimal place.$)$

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