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PART 111 The long-tenn liabilities section of CPS Transportation's (CPS) December 31 , 20xl , statement of financial position included items due to the following transactions: 1) On 31 December 20x1, CPS entered into a contract to lease 200 square meters of office space from CapStar Property Ltd (CapStar). The tenns of the arrangement included: i) Non-cancellable lease tenn of 5 years, with no renewal or purchase option; ii) Lease payment of $10,000 per year to be paid by CPS on 31 December of each year, commencing 3 1 December 20xl. The incremental bonowing rate at the inception of the lease was and the CapStar's implicit rate, which was knourn by CPS, was 10%.