Instructions: Determine what the company's lease will be recorded for by calculating the present value of the future lease payments. Then, record the journal entry. Background: On February 19, 2021 Becca's Dog Walking Business decides to enter into a lease agreement to rent a building for its dog boarding services. The lease contract is for 2 years and mothly rent payments equal to $3,500. The current cost of borrowing is 7.5%. Date Accounts 2/19/21 Amounts Interest rate Number of interest periods Present value = Debit ($)