$On$ June $30,2024,$ Georgia$-$Atlantic, Incorporated leased warehouse equipment from $IC$ Leasing Corporation. The lease agreement calls for Georgia$-$Atlantic $to$ make semiannual lease payments $of$ $$509,761$ over a five$-$year lease term $(also$ the asset$s$ useful life$),$ payable each June $30$ and December $31,$ with the first payment $on$ June $30,2024.$ Georgia$-$Atlantic's incremental borrowing rate $is8\%,$ the same rate $IC$ used $to$ calculate lease payment amounts. $IC$ purchased the equipment from Builders, Incorporated $at$ a cost $of$ $$4\mathrm{.}3$ million.

Note: Use tables, Excel, $or$ a financial calculator. $(FVof$ $$1,PVof$ $$1,$ FVA $of$ $$1,$ PVA $of$ $$1,$ FVAD $of$ $$1$ and PVAD $of$ $$1)$

Required:

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

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 dollars and not $in$ millions. Round the intermediate calculation and final answers $to$ the nearest whole dollar.