On january 1, 2021, ashe company entered into a ten-year noncancellable lease requiring year-end payments of p1,000,000. ashe's incremental borrowing rate is 12%, while the lessor's implicit interest rate, known to ashe, is 10%. present value factors for an ordinary annuity for ten periods are 6.145 at 10%, and 5.650 at 12%. on same date, ashe company paid initial direct cost of p200,000 in negotiating and securing the leasing arrangement. ownership of the property remains with the lessor at expiration of the lease. there is no bargain purchase option. the leased property has an estimated economic life of 12 years. what amount should ashe capitalize as right-of-use asset on january 1, 2021