Exercise 15-8 Sales-type lease with selling profit lessor; calculate lease payments LO15-3] manufactured the equipment at a cost of $89,000 Manufacturers Southern's fiscal year end$ December 31 OOS1 ProSEYA S1. PVA of$1. EVAD of $1 and PVAD of SD (Use appropriete factor(s) from the tables provided.) Related Information: Quarterly rental payments 516,039 at the beginning of each period Econonic life of asset Fair value of asset Implicit interest rate $117,59e iek Required 1. Show how International Machines determined the $16,000 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 Apri 1, 2018. Complete this question by entering your answers in the tabs below International Machines determined the $16,000 quarterly lease payments. (Round your intermediate and final answers to nearest whole dollac) PV of Lease Payment Required 2>