Crane Company leased an office under a five-year contract, which has been accounted for as an operating lease. Faced with the downturn in the economy, the viable company decided to sub-lease the office. However, they have had no luck with this effort and the landlord will not allow the lease to be cancelled. The payments are $8800 per year and there are four years left on the lease. The company's most recent interest rate for financing from a bank is 8%. The risk-free rate on government bonds is 6%. What is the provision for the lease under IFRS? (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Click here to view factor tables

a.

$30493

b.

$31655

c.

$52800

d.

$29147