Mabuhay Company leased equipment on January 1, 2020. Annual rental to be paid at the end of each year is P160,000 for five years. The implicit rate for this lease is 6%. The present value of an ordinary annuity of 1 at 6% for 5 periods is 4.2124. On January 1, 2022, Mabuhay Company and the lessor agreed to amend the original terms of the lease by reducing the annual lease payment by P32,000 and increasing the implicit rate to 8%. The present value of an ordinary annuity of 1 at 8% for 3 periods is 2.5771. What is the amount of lease liability on January 1, 2020