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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 $29,12287, 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: 1. Calculate the present value of the lease payments. 2. Record the lease on June 30,2024 Complete this question by entering your answers in the tabs below. Clculate the present value of the lease payments. (Round your answer to the nearest whole dollar amount.) 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 $29,122.87, 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: 1. Calculate the present value of the lease payments. 2. Record the lease on June 30,2024. Complete this question by entering your answers in the tabs below. Record the lease on June 30, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the: Record the lease on jurt account field.) first Journal entry worksheet