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Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2016. International Machines manufactured the equipment at a cost of $90,000 (EV of

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Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2016. International Machines manufactured the equipment at a cost of $90,000 (EV of 1. PV of S1, EVA of S1, PVA of $1. FVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $16,700 at the beginning of each period Economic life of asset 2 years Fair value of asset $126,890 Implicit interest rate (Also lessee's incremental borrowing rate) 6% Required: 2. Prepare appropriate entries for International Machines to record the loose at its inception, January 1, 2016, and the second rental payment on April 1, 2016. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the lease. Note: Enter debits before credits PART 9 8PXWO 2. Prepare appropriate entries for International Machines to record the lease at its inception, January 1, 2016, and the second rental payment on April 1, 2016. (If no entry is required for a particular transaction, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet Record cash received Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2016 Record entry Clear entry View general Journal Required: 2. Prepare appropriate entries for International Machines to record the lease at its inception, January 1, 2016, and the second rental payment on April 1, 2016. (If no entry is required for a particular transaction, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet

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