On 1 January 2022 KingsAir plc takes out a lease for a new aircraft. Under the terms of the lease, KingsAir is required to make four annual payments of 6 million each year on 31 December in arrears. The cost and fair value of the aircraft is 16 million on 1 January 2022 and the lease is non-cancellable. The implicit interest rate in the lease agreement is 6% and known to KingsAir. Assume cash flows occur at the end of the year. Assuming KingsAir complies with IFRS 16, what is the impact of the lease agreement on the companys non-current assets as at 1 January 2022? A. No impact B. Increase of 20.7 million C. Increase of 22.0 million D. Increase of 20.0 million