Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1,2021. International Machines manufactured the equipment at a cost of $88,000. Manufacturers Southern's fiscal year ends December 31 . (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.) Required: 1. Show how International Machines determined the $15,700 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1 , 2021 and the second lease payment on April 1, 2021. Complete this question by entering your answers in the tabs below. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1 , 2021 , and the second lease payment on April 1,2021 . (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.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits