On June $30,2024,$ Georgia$-$Atlantic, Incomporated leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia$-$Atlantic to make semiannual lease payments of $$681,229$ over a four$-$year lease lerm, payable each June $30$ and December $31,$ with the first payment on Jume $30,2024.$ Georgla$-$Atlantic's Incremental borrowing rate is $8\%,$ the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight$-$line basis at the end of each fiscal year. The fair value of the equipment is $$477$ million.

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

Required:

Determine the present value of the lease payments on June $30,2024$ that Georgla$-$Allantic uses to record the right$-$of$-$use 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 incame slatement for the year ended December $31,$

Hint Print $2024($ignore taxes$)?$

Reterences

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,$],[2.$ Pretax amount for liablity,$],[2.$ Pretax amount for right$-$ot$-$use assel,$],[3.$ Pretax amount for interest expense,$],[3.$ Pretax amount for amortization expense,$]]$

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