On June 30, Year 1, a company 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%. Use PVA of $1. (Use appropriate factor(s) from the tables provided. Do not round interest rate factors.) Required: 1. Calculate the present value of the lease payments. (Round your answer to the nearest whole dollar amount.) PV of lease payments 2. Record the lease on June 30, Year 1 (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1217 PM here to search