Mid-year entry into a lease:
Shaeen Ltd entered into an agreement to lease an item of plant on 1 October 20X8. The lease required four annual payments of $200,000 each, commencing on 1 October 20X8. The plant has a useful life of four years and is to be scrapped at the end of this period. The present value
of the lease payments is $700,000. The implicit interest rate within the lease is 10%.
Can anyone please help me performing lease amortization schedule for this problem?
Thanks.