On June 30, 2024, Exploration Incorporated signs a lease requiring quarterly payments each year for the...

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On June 30, 2024, Exploration Incorporated signs a lease requiring quarterly payments each year for the next two years. Each of the 8 quarterly payments is $28,940.08, with the first lease payment beginning September 30. The company's normal borrowing rate is 8%. Use PVA of $1. (Use appropriate factor(s) from the table provided.) Required: 1. Calculate the present value of the lease payments. 2. Record the lease on June 30, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the present value of the lease payments. (Round your answer to the nearest whole dollar amount.) Present value of lease payments $ 463,041 Required 1 Required 2 > On June 30, 2024, Exploration Incorporated signs a lease requiring quarterly payments each year for the next two years. Each of the 8 quarterly payments is $28,940.08, with the first lease payment beginning September 30. The company's normal borrowing rate is 8%. Use PVA of $1. (Use appropriate factor(s) from the table provided.) Required: 1. Calculate the present value of the lease payments. 2. Record the lease on June 30, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the present value of the lease payments. (Round your answer to the nearest whole dollar amount.) Present value of lease payments $ 463,041 Required 1 Required 2 >