Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021, International Machines manufactured the equipment at a cost of $95,000. Manufacturers Southern's fiscal year ends December 31. V of 1. PV of $1 EVA of $1. PVA of $1. EVAD of Si and PVAD of $i) (Use appropriate factor(s) from the tables provided.) Related Information Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit Interest rate 2 years ( quarterly period) 516,000 at the beginning of each period 2 years $119,552 Required: 1. Show how International Machines determined the $16.000 quarterly tease 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 Complete this question by entering your answers in the tabs below. Required Required 2 Show how International Machines determined the $16,000 quarterly lease payments (Round your intermediate and final answers to the nearest whole dollar, Round your percentage answer to 1 decimal place) PV factors based on Table of Calculator function PV of Lease Proy 3 of 9 Next > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show how International Machines determined the $16,000 quarterly lease payments. (Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal place.) PV factors based on Table or Calculator function PV of Lease Lease Payment Required 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. (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 the nearest whole dollar) View transaction list Journal entry worksheet 2 3 Record the lease. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal