The following information relates to a company which prepares financial statements to 31 December each year. a) On 1 January 2017, the company took out a 12-month lease on factory premises at a monthly rental of 20,000. On 1 August 2017, the company thinks these premises are now surplus to requirements and will stand empty until the lease comes to an end. The lease is non-cancellable and the premises cannot be sub-let. Estimate the amount of the lease obligation remaining for the rest of the year from 1 August 2017 to the year end 31 December 2017. Briefly explain if this is this a contingent liability or should the company provide a provision for the remainder of the lease from the 1 August 2017 to the year end 31 December 2017 in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets