QUESTION 7 Maker Corp. manufactures imaging equipment. They lease a MRI machine to Imaging Group for $1,000,000 on January 1, 2018. Maker Corp. produced the machine at a cost of $750,000 Lease description: $65,258: beginning of each period Quarterly rental payments Five years (20 quarters) Lease term No residual value; no bargain purchase option Five years Economic life of MRI machine Implicit interest rate and lessee's incremental borrowing rate 12% Fair value of asset $1,000,000 Present value of an annuity due of $1: n = 20,1 = 3% 15.3238 Prepare appropriate entries for Maker (lessor) from the beginning of the lease through the second rental payment on April 1, 2018. (10 marks) TT T Arial # 3 (12pt) TE