On June $30,2024,$ Exploration Incorporated signs a lease requiring quarterly payments each year for the next four years. Each of the $16$ quarterly payments is $$28,954\mathrm{.}42,$ with the first lease payment beginning September $30.$ The company$$s normal borrowing rate is $10\%.$ Use PVA of $$1.($Use appropriate factor$($s$)$ from the table provided.$)$

Required:

$1.$ Calculate the present value of the lease payments.

$2.$ Record the lease on June $30,2024.$