[Finance lease, lessee] On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payment of $562,907 over a three- year lease term, payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia- Atlantic's incremental borrowing rate is 10%, 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 (December 31). The fair value of the equipment is $3 million. 1. Prepare a lease amortization schedule for Georgia-Atlantic, Inc from the beginning of the lease from the beginning of the lease through December 31, 2021. Lease payment x Present value of an annuity due of $1: n=, Present value of lease payments Lease Effective Date Payment Interest Decrease in Balance Outstanding Balance 6/30/21 6/30/21 12/31/21