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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 $576,798 over a five-year lease term, payable each June 30 and December 31, with the first payment on June 30, 2024. Georgla-Atlantic's incremental borrowing rate is 12%, the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal yeac. The fair value of the equipment is $4.50 million. Note: Use tables, Excel, or a financial caiculator. EV of \$1, PV of \$1, FVA of \$1. PVA of \$1, FVAD of \$1 and PVAD of \$2] Required: 1. Determine the present value of the lease payments on June 30, 2024 that Georgia-Atlantic uses to record the right-of-use asset and lease liability. 2. What amount related to the lease would Georgia-Atiantic report in its balance sheet at December 31,2024 (ignare taxes)? 3. What amount related to the lease would Georgia-Atiantic report in its income statement for the year ended December 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