Manufacturers Southern leased high$-$tech electronic equipment from International Machines on January $1,2024.$ International Machines manufactured the equipment at a cost of $$105,000.$ 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)$

$\backslash$table$[[$Related Information:,$],[$Lease term,$2$ years $(8$ quarterly periods$)],[$Quarterly rental payments,$$17,000$ at the beginning of each period$],[$Economic life of asset,$2$ years$],[$Fair value of asset,$$127,024$