Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $90,000. Manufacturers Southern's fiscal year ends December 31. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $i and PVAD of S1) (Use appropriate factor(s) from the tables provided.) 8.26 Related Information Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $15,500 at the beginning of each period 2 years $117,772 Required: 1. Show how International Machines determined the $15.500 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 Complete this question by entering your answers in the tabs below, Required 1 Required 2 Show how International Machines determined the $15,500 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 Required: 1. Show how International Machines determined the $15,500 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1 payment on April 1, 2021. Complete this question by entering your answers in the tabs below. :00 Required 1 Required 2 Show how International Machines determined the $15,500 quarterly lease payments. (Round your intermedia 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 n = 1 Lease Payment Required Required 2 > Required 1 Required 2 Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2021, and the s payment on April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required' in the firs Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the lease. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Recordante Claret View.annorlunda