On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $414,921 over a five-year lease term (also the asset's useful life). payable each June 30 and December 31 , with the first payment at June 30,2021 . Georgia-Atiantic's incremental borrowing rate is 8%, the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Bullders, Inc. at a cost of $3.5million. (FV of $1. PV of \$1. FVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) Required: 1. What pretax amount related to the lease would IC report in its balance sheet at December 31,2021 ? 2. What pretax amount related to the lease would IC report in its income statement for the year encled December 31,2021 ? (For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.)