On June 30, 2024, Georgla-Atlantic, Incorporated leased warehouse equipment from iC Leasing Corporation. The lease agreement calls for Georgia-Atiantic 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 on June 30, 2024. Georgla-Atlantic's incremental borrowing rate is 10%, the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Buliders, Incorporated at a cost of $3 milition.
Required: 1. What amount related to the lease would IC report in its balonce sheet on December 31,2024 (ignore taxes)? 2. What amount reloted to the lease would IC 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 mililons. Round your final answers to the nearest whole dollar:
