On January 1, 2021, Fingerstyle Co. (lessee) enters into a ten-year lease of equipment, with fixed annual payments of P200,000 due at the start of each lease year. The contract itemizes the fixed annual payments as follows: P156,000 for rent, P39,000 for maintenance and P5,000 of administrative tasks. The itemized amounts reflect the relative stand-alone prices of the components. The lessor's implicit interest rate in the lease, known to Fingerstyle Co., is 10%. Compute the total lease-related expenses for 2021