Manufacturers Southern leased high$-$tech electronic equipment from International Machines on January $1,2018.$ International Machines manufactured the equipment at a cost of $$85,000.$ Manufacturers Southern's fiscal year ends December $31.($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of S$1)($Use appropriate factor$($s$)$ from the tables provided.$)$ Related Information: Lease ternm Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate $2$ years $(8$ quarterly periods$)$ $$15,000$ at the beginning of each period $2$ years $$112,0808\%$ Required $1.$ Show how International Machines determined the $$15,000$ quarterly lease payments. $2.$ Prepare appropriate entries for International Machines to record the lease at its beginning, January $1,2018,$ and the second lease payment on April $1,2018$Manufacturers Southern leased high$-$tech electronic equipment from International Machines on January $1,2018.$ International Machines manufactured the equipment at a cost of $$85,000.$ 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.$)$

$\backslash$table$[[$Related Information:,$],[$Lease term,$2$ years $(8$ quarterly periods$)],[$Quarterly rental payments,$$15,000$ at the beginning of each period$],[$Economic life of asset,$2$ years$],[$Fair value of asset,$$112,080$