Mathematics · Lease Liabilities Accounting
On 1 January 20X6, Fellini Co entered into a contract for the right to use a machine for a four-year period under IFRS 16. - An initial deposit of $700,000 was paid on 1 January 20X6. - A further three instalments of $700,000 each are payable annually in advance (on 1 January 20X7, 20X8, 20X9). - The present value of future lease payments at commencement was $1,871,100. - The interest rate implicit in the lease is 6%. Calculate the amount presented as non-current lease liabilities in the statement of financial position as at 31 December 20X6.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$1,983,366
- 2$1,871,100
- 3$1,283,366✓
- 4$700,000
Correct answer
$1,283,366
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