Check my worl Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2018 International Machines manufactured the equipment at a cost of $87,000. Manufacturers Southern's fiscal year ends December 31. (FV of $1. PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use approprlate factor(s) from the tables provided.) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $15,300 at the beginning of each period 2 years $112,446 10% Required: 1. Show how International Machines determined the $15,300 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018 ?Prev 7of9 lea Next > ^?40 ENG rch up