On June 30, 2024, a company signs a lease requiring quarterly payments each year for the next two years. Each of the 8 quarterly payments is $29,158.39, with the first lease payment beginning September 30. The companys normal borrowing rate is 7%. Use PVA of $1. (Use appropriate factor(s) from the table provided, a financial calculator, or Excel.) Required: 1. Calculate the present value of the lease payments. 2. Record the lease on June 30, 2024.