On December 31, 2019, Lucas Corporation leased a building from Fort Company for seven-year period expiring December 31,

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On December 31, 2019, Lucas Corporation leased a building from
Fort Company for seven-year period expiring December 31, 2026.
Equal annual payments of P2,000,000 are due on December 31 of each
year, beginning with December 31, 2019. The lease is properly
classified as a finance lease on Lucas 's books. At inception of
the lease, Lucas paid P350,000 as commission to agent and estimated
that P400,000 will be paid to restore the property at the end of
lease term. The building has a useful life of 20 years at inception
of the lease. Lucas guaranteed a residual value of P200,000 at the
end of lease term. Assuming all payments are made on time and the
rate implicit and effective is at 12% , the amount that should be
reported by Lucas Corporation as the lease liability on its
December 31, 2022 financial statement is?
How much is the balance of the right-of-use asset as of December
31, 2022?
O P7,803,018
OP9,759,803
OP8,715,380
O P6,282.414