Exercise $15-3($Algo$)$ Finance lease; lessee; balance sheet and income statement effects $[$L$015-2]$

On June $30$; $2024,$ Georgia$-$Atlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia$-$Atlantic to make semiannual lease payments of $$509,761$ over a five$-$year lease term, payable each June $30$ and December $31,$ with the first payment on June $30,2024.$ Georgia$-$Atlantic's incremental borrowing rate is $8\%,$ the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight$-$line basis at the end of each fiscal year. The fair value of the equipment is $$4\mathrm{.}30$ million.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Determine the present value of the lease payments on June $30,2024$ that Georgia$-$Atlantic uses to record the right$-$ofuse asset and lease liability.

What amount related to the lease would Georgia$-$Atlantic report in its balance sheet at December $31,2024($ignore taxes$)?$

What amount related to the lease would Georgia$-$Atlantic report in its income statement for the year ended December $31,2024($ignore taxes$)?$

Note: For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.

$\backslash$table$[[1.$ Present value,$$,1,710,272$