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On June 30,2024, Georgla-Atlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The...

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Accounting

On June 30,2024, Georgla-Atlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgla-Atlantic to make semiannual lease payments of $509,761 over a five-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 8%, the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Bullders, Incorporated at a cost of $4.3 million.
Note: Use tables, Excel, or a financlal calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:
What amount related to the lease would IC report in its balance sheet on December 31,2024(Ignore taxes)?
2 What amount related 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 millions. Round the intermedlate calculation and final answers to the nearest whole dollar.
\table[[1. Pretax amount of net receivable,],[2. Pretax amount of interest revenue,]]
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