On June 1, 2024, First National leased a building. The lease agreement calls for First National to make lease payments of $3,640.38 each month for the next two years, with the first lease payment beginning June 30 . The company's normal borrowing rate is 7%. 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. Calculate the present value of the lease payments. (Hint: Use a financial calculator or calculations. Round your answer to the nearest whole dollar amount.)