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On June 30, 2024, Exploration Inc. signs a lease requiring quarterly payments each year for the next five years. Each of the 20 quarterly payments

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On June 30, 2024, Exploration Inc. signs a lease requiring quarterly payments each year for the next five years. Each of the 20 quarterly payments is $29,122.87, with the first lease payment beginning September 30. The company's normal borrowing rate is 6%. Calculate the present value of the lease payments and record the lease on June 30, 2024. Round to the nearest whole dollar

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