LEASING IFRS 16

On 1 January 20X3 Rabbit acquires a new machine with an estimated useful life of 6 years
under the following agreement:
An initial payment of $13,760 will be payable immediately
5 further annual payments of $20,000 will be due, commencing 1 January 20X3
The interest rate implicit in the lease is 8%
The present value of the lease payments, excluding the initial payment, is $86,240
What will be recorded in Rabbit’s financial statements at 31 December 20X4 in respect of
the lease liability?

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