On June $30,2024,$ Georgia$-$Atlantic, Incorporated leased warehouse equipment from Builders, Incorporated. The lease agreement calls for Georgia$-$Atlantic to make semiannual lease payments of $$562,907$ over a three$-$year lease term $($also the asset$$s useful life$),$ 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 Builders used to calculate lease payment amounts. Builders manufactured the equipment at a cost of $$2\mathrm{.}5$ million.

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

Required:

$1.$Determine the price at which Builders is $$selling$$ the equipment $($present value of the lease payments$)$ on June $30,2024.$

$2.$What amount related to the lease would Builders report in its balance sheet on December $31,2024($ignore taxes$)?$

$3.$What line item amounts related to the lease would Builders report in its income statement for the year ended December $31,2024($ignore taxes$)?$