Question: On June 1 , 2 0 2 4 , First National leased a building. The lease agreement calls for First National to make lease payments

On June 1,2024, First National leased a building. The lease agreement calls for First National to make lease payments of $3,640.38 each month for the next two years, with the first lease payment beginning June 30. The companys normal borrowing rate is 7%.
How will the signing of the lease agreement on June 1,2024, affect the financial statements?
Required:
Calculate the present value of the lease payments. (Hint: Use a financial calculator or Excel.)
How will the signing of the lease agreement on June 1,2024, affect the financial statements?

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