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 $97,000. 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 appropriate 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) $16,200 at the beginning of each period 2 years $121,046 8% Required: 1. Show how International Machines determined the $16.200 quarterly lease payments 2. Prepare appropriate entries for International Machines to record the lease at its beginning, payment on April 1, 2021 uary 1, 2021, and the second lease Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show how International Machines determined the $16,200 quarterly lease payments. (Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal place.) PV factors based on Table or Calculator function PV of Lease ia Lease Payment (Required 11 Required 2 > 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the lease. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 FVA 1.04 1.544 2.046 2.346 3044 3.59 4.09 4.394 90's 3.596 6.09 7,096 8.04 9.05 10.0% 12.05 1 10000 1.0000 10000 1.0000 10000 10000 1.0000 1.0000 20100 30301 1.0000 20150 3.0452 1.0000 2.0200 30504 10000 20250 1.0000 2.0300 10000 2.0350 10000 20550 10000 20700 1.0000 2.0800 20.046 1.0000 2.2000 36400 2 3 20450 20600 21200 20500 3.1525 3.1062 31370 2.1100 3.3421 3.1600 1816 1.0000 2.1000 33100 46410 61051 2.0900 3.2781 4.5731 2.0400 31216 42465 5.4163 3.3744 4 40604 30756 30909 41515 41836 5.2563 53091 40909 4.1216 42782 43091 4375 44199 47097 47793 5180 42149 5.3635 5 5.1010 43101 53256 5.1523 45061 5.8666 5.2010 5.4707 11855 5,6371 5.7507 39847 7416 75233 7.7150 79129 SIIS 9.9299 97001 9.7833 10.00 6 6.1520 6.2296 6.3081 6.3972 64654 6.5502 6.6330 7189 6.8019 68831 72135 73230 74343 7.5474 76635 7.7794 7.8953 30192 81470 2009 3 8.5830 87561 38923 9.631292142 9.300 9 5491 9.7216 9 9.3685 9.5593 9.7546 99545 101591 10.3635 10.528 10.1021 11.0266 112563 10 104632 107027 109497 11 2034 11 4639 117314 120061122182125779123754 6.975 71533 7335 86540 9.1975 102595 10 0166 11491) 11 978) 12.4870 13.1808 13.3164 144866 114259 11025 13.0210 15.1929 11 1594 14.1610 16.720 12.1997 147757 129159 16-1991 20.99 159374 17 5487 13.12 31. 1504 11 11.5648 11.633 12.1687 12.4835 12.8078 13.1470 13.4564 12 12081513041213411113.1956 14191014602015.0258 13 13 809 14230 1603 151404150178 16 1130 166768 14 16954 154504 159739 165190170563176770182919 15169916671 17.2934 179319 19 19.2957 200236 17.1599 189121 14.3058 159171 17.7130 19 596 21 576 163856 18200 202984 224087 14.9716 168699 188821 210151 23 2700 15.7834 17.183 20 1400 225503 25.1290 17.5603 18977120.1407 214953 22.9534 260192 27.1521 29.3609 21.3543 245227 279250 31.7725 19.5614 227132 26 2118 30 0949 344054 59 1950 25.6735 33.0014 24.6411 269964 35.947 25.6575 25 5404 1334 27.01 30.5402 30.3143 33.7502 14.7417 16 17.250 179334 18.6303 19.3803 20.154 30.9710 31.8345 17184304 19 2014 200121 20 8647 217616 22.7050 23 0975 18 19.0147 204842141232233234144244927256454 19 20 2109 21.79572240523 9450 25.1169 26 3572 27.6712 20 2019 23.1237 24.29742547 26870428279 39.7781 1050 05390 331037 50 56995 51 1591 29.0630 31 3714 SED 411013 46 0163 51 1601 33.7600 167856 37.3790 40 9955 41.4463 5.00 33 000 34861 158 35.7193 37.701 39.1917 21 132303 34.479525.7833 77.1833 18.675 30.1095 31.5691 56.7545 04 05 30343757405064757545175604 01 0071 06.4355 724355 1132138 303 1644900 486542676040006740675401345303950255107003130.7935 136 60561547030199 6351 253 0 337333930 11
