please help On June 30, 2024, Georgia-Atlantic. Incorporated leased warehouse equipment from...
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On June 30, 2024, Georgia-Atlantic. Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia.Atiantic to make semiannual lease payments of $880,440 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 8% the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Builders, Incorporated at a cost of $4.8 million. Note: Use tables, Excel, or a financial colculator. (EV of S1, PV of S1, EVA of $1, PVA of S1, EVAD of S1 and PVAD of S1) Required: 1. 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 dollors and not in millions. Round the intermediate caleulation ond final answers to the neorest whole dollar
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