Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2018. International Machines manufactured the equipment at a cost of $85,000. Manufacturers Southern's fiscal year ends December 31, Related Information: Lease term 2 years (8 quarterly periods): Economic life of asset 2 years; Fair value of asset $112,080; Implicit interest rate 8%; Payments begin January 1, 2018. What did the Lessor calculate as the minimum Lease Payments? Multiple Choice $15,000 $20,000 $14,010 $17,000