Manufacturers Southern leased high$-$tech electronic equipment from International Machines on January $1,2024.$ International Machines manufactured the equipment at a cost of $$94,000.$ Manufacturers Southern's fiscal year ends December $31$ Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Show how International Machines determined the $$18,200$ 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 $$18,200$ quarterly lease payments.

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

$\backslash$table$[[$PV factors based on$],[$Table or Calculator function:,PVAD of $$1,],[$PV of Lease,$$,138,287],[,,8],[,,20\%$