On June $30,2024,$ Georgla$-$Atlantic, Incorporated leased warehouse equipment Irom IC leasing Corporation. The lease agreement calls for Georgla$-$Allantic to make semiannual lease payments of $$5,09,761$ over a fivc$-$ycar lease term, payable each June $30$ and December $31,$ with the first paryment an June $30,2024.$ Georgla$-$Atantic's incremental borrowing rate is $8\%,$ the same rate iC uses to calculate lease payment amounts, Amorikation is recorded on a straight$-$line basis at the end of each fiscal year. The fair value of the equipment is $54\mathrm{.}30$ milion.

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

Required:

Determinc the present value of the lease payments on lune $30,2024$ that Georgla$-$Atlantle uses to record the right$-$of$-$use asset and lease liatility.

$2$ What amount related to the lease would Georgat'Atantic report in its balance sheet at December $31,2024($ggnore taxes$)?$

What amount related to the lease would Georga$-$Atantic report in its incorme statement for the year ended December $312024($iqnore taxes$)?$

Note: For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole delior.

$\backslash$table$[[1.$ Presteth valias:,$],[,],[2.$ Pretax arvount for inght$-$of$.$use asset,$],[3$ Pimax emaint ior inismest experise,$],[3$ Publux ambount ior afriortizanion expense,$]]$