At the end of the December 31 2016 fiscal year, Yin trucking corporation which follows IFRS 16, negotiated and closed a long term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were erected to the companys specifications on land owned by the company. On January 1 2017, Yin trucking corporation took possession of the leased properties and made a cash payment of 1,048,00$. Although the useful life of each terminal is 40 years, the non cancellable lease runs for 20 years from January 1 2017 with a purchase option available upon expiration of the lease. The 20 year lease is effective for the period January 1 2017 through December 31 2036. Advance rental payments of 900,000$ are payable to the lessor on January 1 of each first 10 years of the lease term. Advance rental payments of 320,000$ are due on January 1 of each first 10 years of the lease term.The company has an option of purchasing all of these leased facilities for 1 million on December 31 2036 although their fair value at that time is to be estimated at 3 million$. At the end of the 40 years, the terminals and the facilities will have no remaining value. Yin trucking must also make annual payments on January 1 of each year to the lessor of 125,000$ for property taxes and 23,00$ for insurance. The lease was negotiated at 6% rate of return.

Required:

a) what amounts would appear on Yins December 31 2017 balance sheet for the leased asset and the related liabilities under the lease agreement?