With solutions please

Question 25 1 pts On December 31, 2020, LEICA CO. signs a 10 year noncancelable lease agreement to lease a storage building from CYLLE Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of P720,000 beginning on December 31, 2020. Il. The building has an estimated economic life of 12 years, with an unguaranteed residual value of P100,000. Leman depreciates similar buildings on the straight-line method. Ill. The lease is nonrenewable. At the termination of the lease the building reverts to the lessor V. The interest rate that brings the present value of lease payments equal to the fair value is 12%. Further, it costs LEICA Co. 10% if it choses to borrow from the bank for lease payments. V. The yearly rental payment includes P24,705 of executory costs related to taxes on the property. VI. Round off PV factor to 5 decimal places What portion of lease liability should be presented as part of the noncurrent liabilities as of December 31, 2021