On June 1, 2024, First National leased a building. The lease agreement calls for First National to make lease payments of $3,647.04 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 Excel.) (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) Journal entry worksheet Note: Enter debits before credits