Accounting · Statement of Cash Flows

Given the following extract of financial data for Woolf Co: - Total lease liabilities at 31 December 20X6: $2,500,000 - Total lease liabilities at 31 December 20X7: $2,900,000 - Right-of-use assets acquired under new lease contracts during 20X7 initially measured at $1,540,000 (which includes direct costs incurred of $40,000, added to the initial lease liability). Calculate the correct amount paid in respect of lease liabilities for the year ended 31 December 20X7.