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1 On June 30, 2018, Georgia Attantic, Inc. , leased a warehouse facility from IC Leasing Corporation. The Georgia Atlantic to make with the first

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1 On June 30, 2018, Georgia Attantic, Inc. , leased a warehouse facility from IC Leasing Corporation. The Georgia Atlantic to make with the first payment at June 30, 2018 Georgia Atlantic's incremental borrowing rate is 8%, the same rate IC uses to calculat semiannual lease payments of $512,132 over a five-year lease term, payable each June 30 and December 31, payment amounts. Depreciation is recorded on a straight-line basis at the end of each fiscal year. The fair value of the warehouse is $4.3. (FV of $1, PV of S1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $) (Use appropriate factorfs) from the tables provided.) e lease Required 1. Determine the present value of the lease payments at June 30, 2018 that Georgia- Atlantic uses to record the right-of use asset and lease liability 2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2018? 3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2018? (For all requirements, enter your answers in whole dollars and not in millions. Round your final answer to nearest whole dolr.) Present value Pretax amount for liability Pretax amount for right-of-use asset 3. Pretax amount for interest expense Pretax amount for amortization expense

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