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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
On June Georgia Atlantic leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia Atlantic to make semiannual lease payments of $ over a threeyear lease term, payable each June and December with the first payment on June Georgia Atlantic's incremental borrowing rate is the same rate IC Corporation uses to calculate lease payment amount.
Required:
a Determine the present value of the lease payments on June
b Record the transaction that Georgia Atlantic uses to record the rightofuse asset and lease liability.
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