Exercise $9-8($Static$)$ 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 $$29,122\mathrm{.}87,$ with the first lease payment beginning September $30.$ The company's normal borrowing rate is $6\%.$ Use PVA of $$1.($Use appropriate factor$($s$)$ from the table provided.$)$

Required:

Calculate the present value of the lease payments.

Record the lease on June $30,2024.$