9-1

On June 1, 2024, First National leased a building. The lease agreement calls for First National to make lease payments of $3,620.40 each month for the next two years, with the first lease payment beginning June 30 . The company's normal borrowing rate is 6%. Required: 1. Caiculate the present value of the lease payments. (Hint: Use a financial calculator or Excel.) 2. Record the lease on June 1, 2024 Complete this question by entering your answers in the tabs below. 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.) On June 1, 2024, First National leased a building. The lease agreement alls for First National to make lease payments of $3,620.40 each month for the next two years, with the first lease payment beginning June 30 . The company's normal borrowing rate is 6%. Required: 1. Caiculate the present value of the lease payments. (Hint: Use a financial calculator or Excel.) 2. Record the lease on June 1, 2024 . Complete this question by entering your answers in the tabs below. Record the lease on June 1, 2024. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet