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

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Accounting

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 $28,988.28, with the first lease payment beginning
September 30. The company's normal borrowing rate is 8%. Use PVA of $1.(Use appropriate factor(s) from
the table provided.)
Required:
Calculate the present value of the lease payments.
Record the lease on June 30,2024.
Complete this question by entering your answers in the tabs below.
Calculate the present value of the lease payments. (Round your answer to the nearest whole dollar amount.)
Present value of lease payments
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