On June $30,2024,$ Clark, Incorporated leased warehouse equipment from Woodward, Incorporated. The lease agreement calls for Clark to make semiannual lease payments of $$600,000$ over a $2-$year lease term $($also the asset's useful life$),$ payable each June $30$ and December $31,$ with the first payment on June $30,2024.$ Clark's incremental borrowing rate is $10\%,$ the same rate Woodward used to calculate lease payment amounts. Woodward manufactured the equipment at a cost of $$1,900,000.$

$\backslash$table$[[$Lease date,,June $30,2024],[$Semi$-$annual payments,,$$600,000$