Exercise 9-7 (Algo) Record leases (LO9-3) On June 1, 2024, Irvine leased a building. The lease agreement calls for Irvine to make lease payments of $3,649.26 each month for the next two years, with the first lease payment beginning June 30 . The company's normal borrowing rate is 8%. Required: 1. Calculate 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 req select "No Journal Entry Required" in the first account field.)