On June $1,2024,$ Irvine leased a building. The lease agreement calls for Irvine to make lease payments of $$3,649\mathrm{.}26$ each month for the next two years, with the first lease payment beginning June $30.$ The company's normal borrowing rate is $8\%.$

Required:

Calculate the present value of the lease payments. $($Hint: Use a financial calculator or Excel.$)$

Record the lease on June $1,2024.$

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Required $1$

Calculate the present value of the lease payments. $($Hint: Use a financial calculator or Excel.$)($Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.$)$

Present value of lease payments $$80,540$