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 $$604,152$ over a four$-$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 is

$10\%,$ the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Builders, Incorporated at a cost of

$$4\mathrm{.}1$ million.

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