On June 30, 2024, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $463,866 over a four-year lease term (also the asset's useful life), payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia-Atlantic's incremental borrowing rate is 11%, the same rate I used to calculate lease payment amounts. IC purchased the equipment from Builders, Inc. at a cost of $3.1 million. What pretax amount related to the lease would IC report in its balance sheet at December 31, 2021?