Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $105,000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (EV of \$1. PV of S1. FVA of S1. PVA of S1. FVAD of \$1 and PVAD of S1) Required: 1. Show how international Machines determined the $17,000 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning. January 1, 2024, and the secon lease payment on April 1, 2024. Complete this question by entering your answers in the tabs below. Show how International Machines determined the $17,000 quarterly lease payments. Show how international Machines determined the $17,000 quarteny lease payments, Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal