Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1 2016. International Machines manufactured the equipment at a cost of $97,000. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly rental payments $16,200 at the beginning of each period Economic life of asset Fair value of asset Implicit interest ratee (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) 2 years $121,046 5% Required 2. Prepare appropriate entries for International Machines to record the lease at its inception, January 1, 2016, and the second rental payment on April 1, 2016. (f no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the lease Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2016 Record entry Clear entry View general journal Journal entry worksheet 2 Record cash received. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2016 Record entry Clear entry View general journal Journal entry worksheet Record cash received Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2016 Record entry Clear entry View general journal