Dolphin Company leased an office under a six-year contract, whichhas been accounted for as an operating lease. Faced with thedownturn in the economy, the viable company decided to sub-leasethe office. However, they have had no luck with this effort and thelandlord will not allow the lease to be cancelled. The payments are$15,000 per year and there are five years left on the lease. Thecompany's most recent interest rate for financing from a bank is9%. The risk-free rate on government bonds is 5%. What is theprovision for the lease under IFRS?

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