Journal entries:

1. Record the lease.
2. Record cash received.
3. Record cash received.

Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1 , 2024. International Machines manufactured the equipment at a cost of $101,000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. Show how International Machines determined the $18,000 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. Show how International Machines determined the $18,000 quarterly lease payments. Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1d place