Exercise 15.3 (Algo) Finance lease; lessee; balance sheet and income statement effects [LO15-2] On June 30, 2024, Georgia-Atlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreement calis for Georgia-Atlantic to make semiannual lease payments of $403,067 over a five-year lease term, payable each June 30 and December 31, Whth the first payment on June 30, 2024. Georglo-Attantic's incrementat borrowing tate is 8%, the same rate 16 uses to calculate lease payment amounts. Amortization is recorded on a straight-ine basis at the end of each fiscal year. The fair value of the equipment is $3.40 million Note: Use tables, Excel, or a financial calculator. (FV of S1, PV of S1, EVA of S1, PVA of S1, FVAD of S1 and PVAD of S1) Required: 1. Oetermine the present value of the lease payments on June 30, 2024 that Georgla-Atlantic uses to record the right-of-use asset and lease liability. 2. What amount related to the lease would Georgia-Atlantic report in its balance sheet at December 31,2024 (ignore taxes)? 3. What amount related to the lease would Georgla-Atlantic report in its income statement for the year ended December 31,2024 fignore taxes)? Note: For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar