Chaper 15 Pre-Built Problemsi Saved Help Sav On June 30, 2018, Georgia-tlantic, Inc., leased a warehouse facility from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $512,132 over a five-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2018, Georgia-Atlantic's incremental borrowing rate is 8%, the same rate IC uses to calculate lease payment amounts. Depreciation is recorded on a straight-line basis at the end of each fiscal year. The fair value of the warehouse is $4.3. (FV of $1, PV of $1, FVA of $1, PVA of S1, FVAD of 1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) 10 points Skipped Required: 1. Determine the present value of the lease payments at June lease liability 2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2018? 3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2018? 30, 2018 that Georgia-Atlantic uses to record the right-of-use asset and eBook Hint Print Roferences (For all requirements, enter your answers in whole dollars and not in millions. Round your final answer to nearest whole dollar.) 1. Present value 2. Pretax amount for liability Pretax amount for right-of-use asset 3. Pretax amount for interest expense Pretax amount for amortization expense Mc Graw Hill KPrev 7 of 19 Next>