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EBC Corporation signed a long-term lease for a building on January 1, 2017. Terms of the lease include an annual payment pf P150,000 starting end

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EBC Corporation signed a long-term lease for a building on January 1, 2017. Terms of the lease include an annual payment pf P150,000 starting end of December 2017. The length of the lease is 25 years. The lease is a finance lease. The present value of lease payments on January 1, 2017 is P 1, 500,000 at 9% interest rate implicit in the lease. How much should report as finance lease liability in the Statement of Financial Condition (balance sheet) at December 31, 2017

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