On January 1, 2020, Support Company entered into an eight-year lease of a floor building with a

useful life of 15 years. Rent of P250,000 is payable every yearend for the first three years and

P350,000 for every succeeding yearends. The lease provides for neither a transfer of title to the

lessee nor a purchase option. The present value factors for an ordinary annuity of 1 for the implicit

interest rate of the lease for three periods, five periods and eight periods are 2.4522, 3.7146 and

5.183, respectively. How much is the lease liability on January 1, 2020?

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