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 $468,683 over a five-year lease term. payable each June 30 and December 31 , with the first payment on June 30,2024 . Georgia-Atiantic'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 $3.80 million. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1. FVA of \$1, PVA of \$1, EVAD of \$1 and PVAD of 51 ) Required: 1. Determine the present value of the lease payments on June 30,2024 that Georgia-Atlantic uses to record the right-ofuse asset and lease liability. 2. What amount related to the lease would Georgia-Atlantic report in its balance sheet at December 31,2024 (ignore 3. What amount related to the lease would Georgia-Atlantic report in its income statement for the year ended December taxes)? 31,2024 (ignore taxes)? Note: For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar