Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $99,000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) 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 6% Required: Show how International Machines determined the $16,700 quarterly lease payments. Prepare appropriate entries for International Machines to record the lease at its beginning, Ja