Manufacturers Southern leased hightech electronic equipment from International Machines on January 1, 2018. International Machines manufactured the equipment at a cost of $105,000. Manufacturers So uthem's scal year ends December 31. IFV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and F'VAD of $1] (Use appropriate factor{s} from the tables provided.) Related Informati on: Lease term 2 years (8 quarterly periods} Quarterly rental payments $17,000 at the beginning of each period Economic life of asset 2 years Fair value of asset $127,024 Implicit interest rate 8% Required: 1. Show how International Machines determined the $11000 quarterly lease payments. 1 Prepare appropriate entries for lntemational Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show how Intemational Machines determined the $17,000 quarterly lease payments. (Round your intermediate and nal answers to nearest whole dollar.) Table or Calculator function: W of Lease Lease Payment Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018. (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 nearest whole dollar.) View transaction list X 1 Record the lease. 2 Record cash received. 3 Record cash received. Credit Note : = journal entry has been entered Record entry Clear entry View general journal