Exercise $9-8($Algo$)$ Record leases $($LO$9-3)$

On June $30,2024,$ Exploration Incorporated signs a lease requiring quarterly payments each year for the next five years. Each of the $20$ quarterly payments is $$28,969\mathrm{.}97,$ with the first lease payment beginning September $30.$ The company's normal borrowing rate is $12\%.$ Use PVA of $$1.($Use appropriate factor$($s$)$ from the table provided.$)$

Required:

Calculate the present value of the lease payments.

Record the lease on June $30,2024.$

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Complete this question by entering your answers in the tabs below.

Required $1$

Calculate the present value of the lease payments. $($Round your answer to the nearest whole dollar amount

$\backslash$table$[[$Present value of lease payments,$$17,382x$