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Lease

((deleted)6y ago
A company acquired an item of plant under a lease on 1 April 20X7. The present value of the lease payments was $15.6 million and the rentals are $6 million per annum paid in arrears for three years on 31 March each year. The interest rate implicit in the lease is 8% per annum. What amount will appear under current liabilities in respect of this lease in the statement of financial position at 31 March 20X8? [Answers to nearest $'000] The answer Initial liability 15,600 Interest 8% 1,248 Payment (6,000) Balance 31.3.X8 10,848 Interest 8% 868 Payment (6,000) Balance 31.3.X9 5,716 Dear tutor, My question is why the answer shows balance for 31.3.X9 while the requirement is for balance 31.3.X8?
gromitgromitTutor6y ago#1
This question is not relevant to this (AB) forum. Please repost appropriately.
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