On June 30, 2027, Blue, Incorporated leased a machine from G…

On June 30, 2027, Blue, Incоrpоrаted leаsed а machine frоm Grand Leasing Corporation. The lease agreement qualifies as a finance lease and calls for Blue to make semiannual lease payments of $281,454 over a three-year lease term, payable each June 30 and December 31, with the first payment on June 30, 2027. Blue’s incremental borrowing rate is 10%, the same rate Grand uses to calculate lease payment amounts.The lease agreement qualifies as a finance lease. Amortization is recorded on a straight-line basis at the end of each year.PV Factors:PV $ (3 periods, 10%) = 0.75131PV $ (6 periods, 5%) = 0.74622PV OA (3 periods, 10%) = 2.48685   (OA is ordinary annuity)PV OA (6 periods, 5%) = 5.07569PV AD (3 periods, 10%) = 2.73554   (AD is annuity due)PV AD (6 periods, 5%) = 5.32948Required:Determine the present value of the lease payments on June 30, 2027, (to the nearest $000) that Blue uses to record the right-of-use asset and lease liability.What would be the amounts related to the lease that Blue would report in its balance sheet at December 31, 2027? (Ignore taxes.)What would be the amounts related to the lease that Blue would report in its income statement for the year ended December 31, 2027? (Ignore taxes.)Note: For all requirements, round your answers to the nearest whole dollar amounts.