Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $103,000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (FEV 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 $ 16,800 at the beginning of each period Economic life of asset 2 years Fair value of asset $ 127,650 Implicit interest rate 6% Required: 1. Show how International Machines determined the $16,800 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2024, and the second lease payment on April 1, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show how International Machines determined the $16,800 quarterly lease payments. Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal place. Table or Calculator function: PV of Lease Lease Payment Required2 >