[Samikshya495adhikari]

Shadeen ltd entered into an agreement to lease an item of plant on 1 october 2008. the lease required four annual payments of $200,000 each, commencing on 1 october 2008. the plant has useful life of 4 years and is to be screapped at the end of the period. the present value of the lease payment is $700,000. the implicit interest rate within the lease is 10%. prepare extract financial statement in respect of the leased asset for the year ended 31.03. 2009

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