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An entity leases a motor vehicle. The present value of the minimum
lease payments is $27,355 and the rate implicit in the lease is 10%.
The terms of the lease require three annual rentals to be paid of
$10,000 each at the start of each year.
what amount will go to Current liability and non- current liability at the end of 1st year?
Plz explain me the reason too ?
I can’t explain it fully without seeing you having made an attempt at the question first. I’d recommend that you set up a lease payable table for payments made in advance. Use the class notes/videos to help.
If you then show me what you’ve done then I can help further.
i got it thanks
Good to hear.