On June $30,2024,$ Georgia$-$Atlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia$-$Atlantic to make semiannual lease payments of $$604,355$ over a five$-$year lease term, payable each June $30$ and December $31,$ with the first payment on June $30,2024.$ Georgia$-$Atlantic's incremental borrowing rate is $10\%,$ the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight$-$line basis at the end of each fiscal year. The fair value of the equipment is $$4\mathrm{.}90$ million. $1.$Determine the present value of the lease payments on June $30,2024$ that Georgia$-$Atlantic 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 income statement for the year ended December $31,2024($ignore taxes$)?$