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 $ $648,358$ over a four$-$year lease term, payable each June $30$ and December $31,$ with the first payment on June $30,2024.$ Georgia$-$Atlantic's incremental borrowing rate is $10\%,$ the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight$-$line basis at the end of each fiscal year. The fair value of the equipment is $ $4\mathrm{.}40$ million. Note: Use tables, Excel, or a financial calculator. $($FV of $ $1,$ PV of $ $1,$ FVA of $ $1,$ PVA of $ $1,$ FVAD of $ $1$ and P V A D of $ $1)$ Required: $1.$ Determine the present value of the lease payments on June $30,2024$ that Georgia$-$Atlantic uses to record the right$-$of$-$use asset and lease liability. $2.$ What amount related to the lease would Georgia$-$Atlantic report in its balance sheet at December $31,2024($ignore taxes$)?3.$ What amount related to the lease would Georgia$-$Atlantic 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 milions. Round your final answers to the nearest whole dollar.