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Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2018. International Machines manufactured the equipment at a cost of $98,000. Manufacturers Southern's fiscal year ends December 31. (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.) nts Skipped Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $124,940 10% eBook Required: 1. Show how International Machines determined the $17,000 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018. Hint Print Complete this question by entering your answers in the tabs below. Ceferences Required 1 Required 2 Show how International Machines determined the $17,000 quarterly lease payments. (Round your intermediate and final answers to nearest whole dollar.) PV factors based on Table or Calculator function: PV of Lease n = Lease Payment 42 Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $17,000 at the beginning of each period 2 years $124,940 108 Skipped Required: 1. Show how International Machines determined the $17,000 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018. eBook Complete this question by entering your answers in the tabs below. Hint Required 1 Required 2 Print Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate and final answers to nearest whole dollar.) eferences View transaction list Journal entry worksheet 23 Record the lease. 12 Required: 1. Show how International Machines determined the $17,000 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018. ints Complete this question by entering your answers in the tabs below. Skipped Required 1 Required 2 eBook Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar.) ed Hint View transaction list Print Journal entry worksheet

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