Exercise $15-4($Static$)$ Sales$-$type lease; lessor; balance sheet and income statement effects $[$LO$15-2]$

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 $$562,907$ over a three$-$year lease term $($also the asset's useful life$),$ payable each June $30$ and December $31,$ with the first payment on June $30,2024.$ Georgia$-$Atlantic's incremental borrowing rate is $10\%,$ the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Builders, Incorporated at a cost of $$3$ million.

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

Required:

What amount related to the lease would IC report in its balance sheet on December $31,2024($ignore taxes$)?$

What amount related to the lease would IC 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 inillions. Round your final answers to the nearest whole dollar. dollar.

Pretax amount of net receivable

Pretax amount of interest revenue