Question

1 During the year ended 30 September 20X4 Hyper entered into two lease transactions.
On 1 October 20X3, Hyper made a payment of $90,000 being the first of five equal annual payments under a lease for an item of plant. The lease has an implicit interest rate of 10% and the present value of the total lease payments on 1 October 20X3 was $340,000.
On 1 January 20X4, Hyper made a payment of $18,000 for a one-year lease of an item of equipment.

What amount in total would be charged to hyper’s statement of profit or loss for the year ended 30 September 20X4 in respect of the above transactions?

Answer 1

Answer:

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