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Long live Company entered Into a lease agreement for the use at a new machine on January 1, 2020. The lease agreement requires an annual payment at P1 .500.000 for live years starting December 31, 2020. Long Live guaranteed a residual value of P211090 at the end at the contract. The machine will revert to the lessor oi the end of five years. The machine has an economic life of 10 years. The Implicit rate for this lease Is 16% where the present value at 1 for five periods is 0.4761 and the present value of an ordinary annuity at 1 Is 3.2743. llllhat is the balance of lease liability on December 31. 2020'? line Co. leased equipment from Hellum Company on July 1, 2013 for an 3-year period expiring June 30. 2026. Equal payments under the lease are \"00.000 and are due an July 1 of each year. The first payment was made on July 1. 201 B. The rate at Interest contemplated by Zinc and Helium is 10%. The cash selling price of the equipment ls P3.520.000 and the cost of the equipment on Helium's accounting records ls P2300000. The lease Is appropriately recorded as sales-type lease. lWhat is the amount at Interest revenue that Helium should record for the year ended December 31. 201B