Edison Leasing leased high$-$tech electronic equipment to Manufacturers Southern on January $1,2024.$ Edison purchased the equipment from International Machines at a cost of $$123,651.$

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1.$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

$\backslash$table$[[$Lease term,$],[$Quarterly rental payments,$2$ years $(8$ quarterly periods$)],[$Economic life of asset,$\backslash$table$[[$at the beginning of each period$],[$years$]]],[$Fair value of asset,$$123,651$ years$],[\backslash$table$[[$Implicit interest rate $($Also$],[$lessee$\text{'}$s incremental borrowing$],[$rate$)]],4\%$