Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $93,000. Manufacturers Southern's fiscal year ends December 31 (FV of $1, PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease tern Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate Required: 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $127,024 % 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, 2021, and the second lease payment on April 1, 2021.