Exercise 15-8 (Static) 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, 2024 International Machines manufactured the equipment at a cost of $85,000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD.of $1) Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments Economic life of asset $ 15,000 at the beginning of each period. 2 years Fair value of asset $ 112,080 Implicit interest rate Required: 1. Show how International Machines determined the $15,000 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2024, and the second lease payment on April 1, 2024, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show how International Machines determined the $15,000 quarterly lease payments. Note: Round your intermediate and final answers to the nearest whole dollar. PV factors based on Table or Calculator function: PV of Lease Lease Payment nx Required 1 Required 2 Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2024, and the second lease payment on April 1, 2024. Note: 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 < 1 2 3 Record the lease. Note: Enter debits before credit Date January 01, 2024 General Journal Debit Credit Clear entry Record entry View general journal View transaction list Journal entry worksheet < Record cash received. 3 Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 View transaction list Journal entry worksheet < 1 2 3 Record cash received. Note: Enter debits before credits. Date April 01, 2024 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2