Chapter 15 Homework 1 Save & Exlt Help Submit Saved Check my work 1 On June 30, 2021, Georgla-Atlantic, Inc. leased warehouse equlpment from IC Leasing Corporation. The lease agreement calls for Georgla-Atlantic to make semlannual lease payments of $562,907 over a three-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2021. Georgla-Atlantic's Incremental borrowing rate Is 10%, the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a stralght-line basis at the end of each fiscal year. The falr value of the equipment Is $3 million. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 2.5 polnts Required: 1. Determine the present value of the lease payments at June 30, 2021 that Georgla-Atlantic uses to record the right-of-use asset and lease liability. 2. What pretax amounts related to the lease would Georgla-Atlantic report In Its balance sheet at December 31, 2021? eBook 3. What pretax amounts related to the lease would Georgla-Atlantic report In Its Income statement for the year ended December 31, 2021? (For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.) Hint Print Present value 3,000,000 References Pretax amount for liability 2. Pretax amount for right-of-use asset Pretax amount for interest expense Pretax amount for amortization expense