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 $28,969.97, with the first lease payment beginning September 30. The company's normal borrowing rate is 12%. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the present value of the lease payments. (Round your answer to the nearest whole dollar amount Present value of lease payments + 17,382 Required 1 Required 2 >