Alpha Ltd has entered into a four-year lease which commenced on 1 January 208. Under the terms of the lease, Alpha Ltd is required to make payments of $10,000 pa in arrears. The interest rate implicit in the lease is 10%. No additional payments have been made or are due under the terms of the lease. What is the amount initially recognised as a lease liability as at 1 January 20X8? A $31,699 B $40,000 C $24,868 D $34,868