On 1 January 2022 Doble Ltd signed a 10-year lease that requires a payment of $217677 at the end of each year. The implicit rate of the lessor known to Doble Ltd is 10%. The following information is also available:

Present value of an annuity of $1 for 10 years

10% = 6.1446

At what amount should the leased property asset be recorded in the books of Doble Ltd on 1 July 2022?

A.

$0

B.

$217677

C.

$1337538

D.

$17414