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| C6- 1.
A company leases a copy machine on 1.1.20X1. The cash price is $11,420. The agreement requires four annual instalments of $4,000 payable in arrears. The interest rate implicit in the lease is 15%.
Required Calculate the interest charge in profit or loss and the finance lease liability in the statement of financial position for the year ended 31.12.20X1. |