Manufacturers Southern leased high$-$tech electronic equipment from International Machines on January $1,2024.$ International Show how International Machines determined the $$16,500$ quarterly lease payments.

Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to $1$ decimal

place. 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.

Machines manufactured the equipment at a cost of $$100,000.$ 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)$

Show how International Machines determined the $$16,500$ quarterly lease payments.

Prepare appropriate entries for International Machines to record the lease at its beginning, January $1,2024,$ and the second

lease payment on April $1,2024.$