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Exercise $15-4($Algo$)$ Sales$-$type lease; lessor; balance sheet and income statement effects $[$LO$15-2]$

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On June $30,2024,$ Georgia$-$Atlantic, Incorporated leased warehouse equipment from IC Leasing Corpocation. The lease agreement calls for Georgis$-$Atlantic to make sembonnual lease payments of $$403,067$ over a freyeyear lease term $($also the asset's usetul lifel, payable each June $30$ and December $31,$ with the first payment on June $30,2024.$ Georgls$-$Allantic's incremental borrowing rate is $8\%,$ the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Builders, Incorporated at a cost of $$3\mathrm{.}4$ million.

Note: Use tables, Excel, or a financial celculator, EV of $$1$ EV of $$2.$ EVA or S$1,$ PVA of $$1.$ EVAD of S$1$ and PYaD c$($St$)$

Required:

What amount related to the lease would IC$.$ report in its balance sheet on December $31,2024$ lignore taxes$)?$

What amount related to the lease would IC report in its income statement for the year ended December $31,2024($ignore taxes$]?$

Nete: For all requirements, enter your answers in whole dollers and not in millions. Round the intermstilete calculetion and finsl answers to the nearest whole dollar.

$\backslash$table$[[1.$ Pretax amount of net recolvable$],[2.$ Protiax ampunt of interest revenue$]]$