Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. Internationai Machines manufactured the equipment at a cost of $88,000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1 ) 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, 2024, and the second lease payment on April 1, 2024. 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, 2024, and the second lease. payment on April 1, 2024. Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first account fieid. Round your intermediate and final ancwers to the nearest whole dollor Show how International Machines determined the $15,700 quarterly lease payments. Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal place. 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. Journal entry worksheet 3