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On June 30,2024 , Exploration Incorporated signs a lease requiring quarterly payments each year for...

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Accounting

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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 $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 table provided.) Required: 1. Calculate the present value of the lease payments. 2. Record the lease on June 30,2024

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