CH 15-Exercises 3 5 points eBook H P Exercise 15-8 (Algo) Sales-type lease with selling profit; lessor; calculate lease payments [LO15-3] Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021 International Machines manufactured the equipment at a cost of $96,000 Manufacturers Southern's fiscal year ends December 31 (Eat St Pat$1 EVA.of $1. PVA of $1 EVAD ofS) and EVAD at 5) (Use appropriate factor(s) from the tables provided.) Related Information Lease ters Quarterly rental payments Fair value of asset Implicit interest rate 2 years quarterly periods) $16,500 at the beginning of each perind 2 years $135,170 Required: 1. Show how International Machines determined the $16,500 quarterly lease payments 2. Prepare appropriate entries for International Machines to record the lease at its beginning. January 1, 2021 and the second lease: payment on April 1, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Help Save & Exit Submit Check my work