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Manufacturers Southern leased high$-$tech electronic equipment from International Machines on January $1,2021.$ International Machines manufactured the equipment at a cost of $$91,000.$ Manufacturers Southern's fiscal year ends December $31.($FV of $$1,$ PV of $$1,$ EVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$

Related Information:

Lease term

Quarterly rental payments

Economic life of asset

Fair value of asset

Implicit interest rate

$2$ years $(8$ quarterly periods$)$

$$15,300$ at the beginning of each period

$2$ years

$$112,446$

$108$

Required:

Show how International Machines determined the $$15,300$ quarterly lease payments.

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.

Prepare appropriate entries for International Machines to record the lease at its beginning, January $1,2021,$ and the second lease payment on April $1,2021.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the fifst account field. Round your intermediate and final answers to the nearest whole dollar.$)$

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[0,1,$January $01,2021,$Cost of goods sold,$91,000,],[2,,$Lease receivable,$112,446,],[,,$Sales revenue,,$112,446],[,,$Equipment,,$91,000],[,,,\text{'},],[$@$,2,$January $01,2021,$Cash,$15,300,],[,,$Lease receivable,,$15,300],[,,,,]]$

What does i$=?$

Please show journal entry to record cash received!

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