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During the year ended 30 September 20X4 Hyper entered into two lease transactions:
On 1 October 20X3, a payment of $90,000 being the first of five equal annual payments of a lease for an item of plant. The lease has an implicit interest rate of 10% and the carrying amount of the ROU asset and the present value of the lease liability were both initially measured at $340,000.
On 1 January 20X4, a payment of $18,000 for an eight-month lease of an item of excavation equipment.
What total expense should be recognised in Hyper’s statement of profit or loss for the year ended 30 September 20X4 in respect of the above transactions?
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