9 Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $88,000. Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) Required: 1. Show how International Machines determined the $15,700 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2024, and the secon lease payment on April 1, 2024. Complete this question by entering your answers in the tabs below. Show how International Machines determined the $15,700 quarterly lease payments. Note: Round your intermediate and final answers to the nearest whole dollar. Round your percentage answer to 1 decimal place. 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. 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. Note: 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 the nearest whole dollar. Journal entry worksheet 3 Note: Enter debits before credits..

1. 9 Manufacturers Southern leased high-tech electronic equipment from International Machines on
January 1, 2024. International Machines manufactured the equipment at a cost of $88,000.
Manufacturers Southern's fiscal year ends December 31. Note: Use tables, Excel, or a financial
calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 )
Required: 1. Show how International Machines determined the $15,700 quarterly lease
payments. 2. Prepare appropriate entries for International Machines to record the lease at its
beginning, January 1, 2024, and the secon lease payment on April 1, 2024. Complete this
question by entering your answers in the tabs below. Show how International Machines
determined the $15,700 quarterly lease payments. Note: Round your intermediate and final
answers to the nearest whole dollar. Round your percentage answer to 1 decimal place.
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. 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. Note: 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 the nearest whole dollar.
Journal entry worksheet 3 Note: Enter debits before credits.