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On June 30, 2024, Blue, Incorporated leased a machine from Big Leasing Corporation. The lease agreement qualifies as a finance lease and calls for Blue

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On June 30, 2024, Blue, Incorporated leased a machine from Big Leasing Corporation. The lease agreement qualifies as a finance lease and calls for Blue to make semiannual lease payments of $283,940 over a four-year lease term, payable each June 30 and December 31 , with the first payment on June 30,2024 . Blue's incremental borrowing rate is 12%, the same rate Big uses to calculate lease payment amounts. The lease agreement qualifies as a sales-type lease without selling profit. Depreciation is recorded on a straight-line basis at the end of each fiscal year. 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 1) Required: 1. What would be the amounts related to the lease that Big would report in its balance sheet at December 31, 2024? (Ignore income taxes.) 2. What would be the amounts related to the lease that Big would report in its income statement for the year ended December 31 , 2024? (lgnore income taxes.) Note: For all requirements, round your intermediate and final answers to the nearest whole dollar amounts

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