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Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1,2024. International...

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Accounting

Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1,2024. International Machines manufactured the equipment at a cost of $94,000. Manufacturers Southern's fiscal year ends December 31 Note: Use tables, Excel, or a financlal calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:
Show how International Machines determined the $18,200 quarterly lease payments.
2 Prepare appropriate entries for International 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.
Show how International Machines determined the $18,200 quarterly lease payments.
Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal places
\table[[PV factors based on],[Table or Calculator function:,PVAD of $1,],[PV of Lease,$,138,287],[,,8],[,,20%
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