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On June 3 0 , 2 0 2 4 , Georgia Atlantic leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia

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On June 30,2024, Georgia Atlantic 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, 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 Corporation uses to calculate lease payment amount.
Required:
a. Determine the present value of the lease payments on June 30,2024.
b. Record the transaction that Georgia Atlantic uses to record the right-of-use asset and lease liability.
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