Exercise 9-5A Record leases (LO9-3) On June 1, 2021, Florida National leased a building. The lease agreement calls for Florida National to make lease payments of $3,618.18 each month for the next two years, with the first lease payment beginning June 30. The company's normal borrowing rate is 8%. Required: 1. Calculate the present value of the lease payments. (Hint: Use a financial calculator or Excel) (Round your answer to the nearest whole dollar amount.) PV of lease payments 2. Record the lease on June 1, 2021. (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