On June $30,2024,$ Georgla$-$Atlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgla$-$Atlantic to make semlannual lease payments of $$468,683$ over a five$-$year lease term $($also the asset's useful life$),$ payable each June $30$ and December $31,$ with the first payment on June $30,2024.$ Georgia$-$Atlantic's incremental borrowing rate is $10\%,$ the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Bullders, Incorporated at a cost of $$3\mathrm{.}8$ million.

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$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 Intermedlate calculation and final onswers to the nearest whole doliar.

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