On June GeorglaAtlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for GeorglaAtlantic to make semiannual lease payments of $ over a fiveyear lease term also the asset's useful life payable each June and December with the first payment on June GeorglaAtlantic's Incremental borrowing rate is the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Bullders, Incorporated at a cost of $ million.
Note: Use tables, Excel, or a financlal calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Required:
What amount related to the lease would IC report in its balance sheet on December Ignore taxes
What amount related to the lease would IC report in its income statement for the year ended December 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 Pretax amount of net receivable, Pretax amount of interest revenue,
