Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $96,000. Manufacturers Southern's fiscal year ends December 31 . Note: Use tables, Excel, or a financial calculator. (EV of \$1, PV of \$1. EVA of \$1. PVA of \$1, EVAD of \$1 and PVAD of \$1) Required: 1. Show how international Machines determined the $16,500 quarterly lease payments 2. Prepare appropriate entries for Intemational 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. Prepare appropriate entries for International Machines to record the lease at its beginning. January 1, 2024, and the second tease payment on April 1, 2024. Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first account field. Round your intermedlate and tisial answers to the nearest whole dollar