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alessi signed an eight-year lease of 10 vehicles with a lessor for a payment of 1 million at the end of each year the interest rate implicit in the lease cannot be readily determined the lessees incremental borrowing rate was 7 percent starting from year four the lessee and lessor amended the payment terms in the original lease where the lease payment became nine hundred thousand payable annually for the remaining lease term the lessees incremental borrowing rate at the beginning of year 4 is 6 percent account for the original and the modified lease lets account for the original lease these are the schedules for the calculation of the lease liability and the right of use asset on the commencement date in addition to the lease amortization schedule the lease liability at the commencement date is the present value of the periodic payments of 1 million discounted over a lease term of eight years with a discount rate of 7 which is the lessees incremental borrowing rate on the commencem