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On June 1,2024, Irvine leased a building. The lease agreement calls for Irvine to make...

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Accounting

On June 1,2024, Irvine leased a building. The lease agreement calls for Irvine to make lease payments of $3,649.26 each month for the next two years, with the first lease payment beginning June 30. The company's normal borrowing rate is 8%.
Required:
Calculate the present value of the lease payments. (Hint: Use a financial calculator or Excel.)
Record the lease on June 1,2024.
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Complete this question by entering your answers in the tabs below.
Required 1
Calculate the present value of the lease payments. (Hint: Use a financial calculator or Excel.)(Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)
Present value of lease payments $80,540
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