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 $$28,988\mathrm{.}28,$ with the first lease payment beginning

September $30.$ The company's normal borrowing rate is $8\%.$ Use PVA of $$1.($Use appropriate factor$($s$)$ from

the table provided.$)$

Required:

Calculate the present value of the lease payments.

Record the lease on June $30,2024.$

Complete this question by entering your answers in the tabs below.

Calculate the present value of the lease payments. $($Round your answer to the nearest whole dollar amount.$)$

Present value of lease payments