IFRS 16 SECOND PROBLEM On January 1,2023 , the company entered into a 5 -year lease contract involving an office space. annual lease payments were 600,000 . Incremental borrowing rate was 7%. Required: Under each of the following independent scenarios, determine the current and noncurrent portions of the lease liability as of December 31, 2023 and 2024. First Scenario: Lease payments are made in our ears every December 31 of each year. Second Scenario: Lease payments are made in advance every January 1 of each year