Star Ltd enters into a non$-$cancellable five$-$year lease agreement with Space Ltd on $1$ July $2023.$ The lease is for an item of machinery that, at the inception of the lease, has a fair value of $$1,165,216.$

The machinery is expected to have an economic life of six years, after which time it will have an expected residual value of $$210,000.$ There is a bargain purchase option that Star Ltd will be able to exercise at the end of the fifth year for $$280,000.$

There are to be five annual payments of $$300,000,$ payable in arrears where the first being made on $30$ June $2024.$ Included within each $$300,000$ lease payment is an amount of $$20,000$ representing payment to Space Ltd for the insurance and maintenance of the equipment. The equipment is to be depreciated on a straight$-$line basis. The interest rate implicit in the lease is $12\%.$

At the commencement of the lease, Star Ltd paid $$5,000$ in lease commissions, while Space Ltd $($direct financier$)$ incurred $$3,000$ in accounting and legal costs associated with preparing the lease agreement.

The current liability portion of the lease liability on $30$ June $2024$ is:

a$.$

$156,592$

b$.$

$123,408$

c$.$

$871,810$

d$.$

$140,186$

e$.$

$139,814$