On June 30, 2024, Exploration Incorporated signs a lease requiring quarterly payments each year for the next three years. Each of the 12 quarterly payments is $29,160.61, 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: 1. Calculate the present value of the lease payments. 2. Record the lease on June 30, 2024.