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On June 30, 2021, 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%. Use PVA of $1. (Use appropriate factor(s) from the tables provided. Do not round interest rate factors.)
Required:
Problem 1. Calculate the present value of the lease payments. (Round your answer to the nearest whole dollar amount.)
Problem 2. Record the lease on June 30, 2021.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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