What amount should be reported as lease liability on January 1, 2023? * TENGEN Inc. leased equipment for the entire nine-year useful life, agreeing to pay Pt,000,000 at the start of the lease term on January 1. 2021, and P1,000,000 annually on each January 1 for the next eight years. The rst payment was made on January 1, 2020. The present value on January 1, 2021 oi the nine lease payments over the lease term using the rate implicit in the lease which the lesser knows to he 10% was P11330000. The January 1, 2021 present value of the lease payments using the incremental borrowing rate of 12% was P5.9T0.000. The entity made a timely second lease payment. a. 5,330,000 b. 4,683,000 0. 4,349,300 d. 4,467,000