Accounting · IFRS 16 Leases
The following calculations have been prepared for a lease agreement: Year ended 31 December 20X7: Interest = $15,484; Annual payment = ($55,000); Balance = $93,391 Year ended 31 December 20X8: Interest = $10,880; Annual payment = ($55,000); Balance = $49,271 Year ended 31 December 20X9: Interest = $5,729; Annual payment = ($55,000); Balance = $0 In respect of the lease obligation, identify the correct values attributable to the current liability and non-current liability in the statement of financial position as at 31 December 20X7.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Current liability = $15,484; Non-current liability = $77,907
- 2Current liability = $55,000; Non-current liability = $93,391
- 3Current liability = $49,271; Non-current liability = $44,120
- 4Current liability = $44,120; Non-current liability = $49,271✓
Correct answer
Current liability = $44,120; Non-current liability = $49,271
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