Exercise 15-8 Sales-type lease with selling profit; lessor; calculate lease payments [LO15-3) Manufacturers Southerm leased high-tech clectronic equipment from International Machines on January 1, 2018. International Machines manufactured the equipment at a cost of $105.000 Manufacturers Southern's fiscal year ends December 31 FV ot s1, PV of 51. EVA ot S1, PVA ofsi FVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tebles provided.) Related Infornation: Quarterly rental payments Econonic life of asset Fair value of asset Isplicit interest rate 2 years (8 quarterly periods) $17,600 at the boginning of ench period 2 years $127,824 8% Required: 1. Show how International Machines determined the $17000 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. Complete this question by entering your answers in the tabs below Required 1 Required 2 show how International Machines determined the $17,000 quarterly lease payments. [Round your intermediate and final answers to nearest whole dollar) PV factors based on Table or Calculator function: PV of Lesse 127,024 20% Lease Payment 124,533 Prepare appropriate entries for International Machines to record the payment on April 1, 2018 If no entry is required for a transaction/event, select No ournal entry required" in the rsta Round your intermediate and final answers to nearest whole dollar) lease at its beginning, January 1, 2018, and the second leas View transaction list Journal entry worksheet Record cash received Note: Enter debits before credits Date General Journal Debit Credit Apri 01. 2018 Record entry Clear entry View general journal Exercise 15-8 Sales-type lease with selling profit; lessor; calculate lease payments [LO15-3) Manufacturers Southerm leased high-tech clectronic equipment from International Machines on January 1, 2018. International Machines manufactured the equipment at a cost of $105.000 Manufacturers Southern's fiscal year ends December 31 FV ot s1, PV of 51. EVA ot S1, PVA ofsi FVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tebles provided.) Related Infornation: Quarterly rental payments Econonic life of asset Fair value of asset Isplicit interest rate 2 years (8 quarterly periods) $17,600 at the boginning of ench period 2 years $127,824 8% Required: 1. Show how International Machines determined the $17000 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. Complete this question by entering your answers in the tabs below Required 1 Required 2 show how International Machines determined the $17,000 quarterly lease payments. [Round your intermediate and final answers to nearest whole dollar) PV factors based on Table or Calculator function: PV of Lesse 127,024 20% Lease Payment 124,533 Prepare appropriate entries for International Machines to record the payment on April 1, 2018 If no entry is required for a transaction/event, select No ournal entry required" in the rsta Round your intermediate and final answers to nearest whole dollar) lease at its beginning, January 1, 2018, and the second leas View transaction list Journal entry worksheet Record cash received Note: Enter debits before credits Date General Journal Debit Credit Apri 01. 2018 Record entry Clear entry View general journal