E15-4 Sales-type lease; lessor; balance sheet and income statement effects [S LO15-2 On June 30, 2024, Georgia-Arlantic. Inc, lensed wirehobse equipment from IC Leasing Corporation. The lease agreement calls for Geotgia-Atlantic to make semianmal lease payments of $562907 over a threeyear lease term (aiso the asset's usefil life), payable each June 30 and Deceisber 31, with the first payment on June 30, 2024. Georgia Atlantic's incremental borrowing rate is 10%, the same rate IC used to calculate lease paynent amounts. IC purchased the equipment from Builders. Inc., at a cost of $. mition. Required: 1. What amount related to the lease would IC report in its balance sheet on December 31,2024 (ignore taxes)? 2. What amount related to the lease wouk IC report in its income statement for the year ended December MH. 2024 (ignore taxes)