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January 1, 2019, Ben&Ben Corporation signed a lease contract with SB19 Corporation to lease a machinery for a fixed rental payment of P 2,000,000 every December 31 for 10 years. The leased asset has an estimated useful life of 12 years with P 1,200,000 salvage value. The lease contract provides Ben&Ben to purchase the machine upon expiration of the lease contract on January 1, 2029 by paying P 1,000,000. In this regard, Ben&Ben is reasonably certain to exercise the purchase option at the commencement of the lease. Related information are as follows: Incremental borrowing rate 14% Implicit borrowing rate 12% PV of an ordinary annuity of 1 for 10 periods: At 14% 5.216 At 12% 5.650 PV of 1 for 10 periods at; At 14% 0.270 At 12% 0.322
Problem 1: What is the total lease liability as at January 1, 2019?
a. P 11,622,000
b. P 20,000,000
c. P 11,300,000
d. P 21,000,000
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