Implicit Interest Rate; Future Balance: Guido Limited is a retailer of home appliances. Guido leased a building for 25 years. The lease commenced on 1 January 20X1. The annual lease payment is \(\$ 820,000\), payable by the beginning of each lease year, and includes executory costs estimated at \(\$ 80,000\) per year. Guido is reporting the lease as a finance lease. Guido initially recorded the building at \(\$ 10,027,266\). The lease contains contingent rent payments that are based on (1) the amount by which real estate taxes exceed the estimated amount included in the lease payments plus (2) \(2 \%\) of Guido's gross sales.
It is now 15 years later, 31 December 20X15. You are an auditor for Guido and you need to verify the amount that Guido is showing in the company's draft statement of financial position.

Required:
1. Find the interest rate that Guido Limited used for recording the lease.
2. What current and non-current amounts for the lease liability should appear on Guido's SFP for the year ending 31 December 20X15? Use the shortcut present value method, not an amortization table.