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On January 1, 2019, Vaccine Company entered into an 8-year lease of a floor of a building with useful life of 15 years with the following terms: Annual rental for the first three years payable at the end of each year 500,000 Annual rental for the next five years payable at the end of each year 600,000 Implicit interest rate 10% PV of an ordinary annuity of 1 at 10% for three periods 2.49 PV of an ordinary annuity of 1 at 10% for five periods 3.79 PV of 1 at 10% for three periods 0.75 The lease provides for neither a transfer of title to the lessee nor a purchase option. What amount should be reported as lease liability on January 1, 2019?On December 31, 2018, Zonrox Company leased a new machine from Oxide Corporation. The following data relate to the lease transaction at the inception of the lease: Lease term 10 years Annual rental payable at the end of each term P240,000 Estimated life of machine 12 years Implicit interest rate 10% Present value of an annuity of P1 for 10 periods at 10% 6.145 Present value of 1 at 10% for 10 periods 0.386 Unguaranteed residual value 150,000 Payment to lessor to obtain a long-term lease 30,000 Annual maintenance cost 35,000 The lease provides for neither a transfer of title to the lessee nor a purchase option. Compute the lease liability on December 31, 2019.On December 31, 2018, Chlorine Company leased a new machine from Oxide Corporation. The following data relate to the lease transaction at the inception of the lease: Lease term 10 years Annual rental payable at the end of each term P240,000 Estimated life of machine 12 years Implicit interest rate 10% Present value of an annuity of P1 for 10 periods at 10% 6.145 Present value of 1 at 10% for 10 periods 0.386 Unguaranteed residual value 150,000 Payment to lessor to obtain a long-term lease 30,000 Annual maintenance cost 35,000 The lease provides for neither a transfer of title to the lessee nor a purchase option. Prepare all entries on the books of Chorine Company related to the lease for the years 2018, 2019 and 2020. Compute the cost of the right of use asset at the inception of the lease