On 1 October 20X4, Flash Co acquired an item of plant under a five-year lease agreement. The present value of the total lease payments was $25m. The agreement had an implicit finance cost of 10% per annum and required an immediate deposit of $2m and annual rentals of $6m paid on the 30 September each year for five years.
Calculate the current liability of the lease in Flash Co's statement of financial position as at 30 September 20X5.
$
Solution:
Current liability = 19,300,000-15,230,000 = $4,070,000
$000s | ||
FV 1 Oct 20X4 | 25,000 | |
Deposit | (2,000) | |
23,000 | ||
Interest 10% | 2,300 | |
Payment 30 Sep 20X5 | (6,000) | |
19,300 | ||
Interest 10% | 1,930 | |
Payment 30 Sep 20X6 | (6,000) | |
Liability at 30 Sep 20X6 | 15,230 | |
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