2. On June 30, 2024, Georgia Atlantic leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia Atlantic to make semiannual lease payments of $300,950 over a three-year lease term, payable each June 30 and December 31, with the first payment on June 30, 2024. Georgia Atlantic's incremental borrowing rate is 12%, the same rate IC Corporation uses to calculate lease payment amount. Required: a. Determine the present value of the lease payments on June 30, 2024. Semiannual = 2 a year n = 6 jj = 6% 21 b. Record the transaction that Georgia Atlantic uses to record the right-of-use asset and lease liability.