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On June 30, 2021, Hercule, Inc. leased warehouse equipment from Marble, Inc. The lease agreement calls for Hercule to make semiannual lease payments of $1,882.279

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On June 30, 2021, Hercule, Inc. leased warehouse equipment from Marble, Inc. The lease agreement calls for Hercule to make semiannual lease payments of $1,882.279 over a three-year lease term. payable each June 30 and December 31. with the first payment at June 30, 2021. Hercule's incremental borrowing rate is 14%, the same rate Marble used to calculate lease payment amounts. Marble manufactured the equipment at a cost of $9.0 million (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price at which Marble is "selling" the equipment (present value of the lease payments) at June 30, 2021. 2. What amounts related to the lease would Marble report in its balance sheet at December 31, 2021? (Ignore taxes.) 3. What would be the net effect of the lease that Marble would report in its income statement for the year ended December 31, 2021? (Ignore taxes.) (For all requirements, round your intermediate calculations and final answers to the nearest whole dollar amount.) 1. Present value of the lease payments 2. Lease Receivable 3. Income statement Please use your own tables. They're all the same (Trust google)

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