on June 30,2021, Georgia Atlantic, Inc. leased warehouse equipment from Builders, Inc. 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 at June 30, 2021, Georgia Atlantics incremental borrowing rate is 10%, the same rate builders used to calculate lease payment amount Builders manufactured the equipment at cost of 2.5 million.

Required:

1. Determine the price at which Builders is "selling" the equipment (present value of the lease payments) at June 30, 2021 (to the nearest $000)

2. What amount related to the lease would Builders report in its balance sheet at December 31, 2021 (ignore taxes)?

3. What line item amounts related to the lease would builders report i the income statement for the year ended December 31, 2021 (ignore taxes)

Please help, I don't know how to get the balance sheet balance. Please give step by step instructions