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On June 1, 2024, Lone Pine leased a building. The lease agreement calls for Lone Pine to make lease payments of $3,638.16 each month for

On June 1, 2024, Lone Pine leased a building. The lease agreement calls for Lone Pine to make lease payments of $3,638.16 each month for the next two years, with the first lease payment beginning June 30. The companys normal borrowing rate is 9%. 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.

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