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On June 1,2024 , Irvine leased a building. The lease agreement calls for Irvine to make lease payments of $3,622.62 each month for the next

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On June 1,2024 , Irvine leased a building. The lease agreement calls for Irvine to make lease payments of $3,622.62 each month for the next two years, with the first lease payment beginning June 30 . The company's normal borrowing rate is 8%. 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

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