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What will be recorded in rabbit financial statements

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Question 1: On 31 July 2019 Rabbit acquires a new machine with an estimated useful life of 6 years under the following agreement: An initial payment of $13,760 will be payable immediately 5 further annual payments of $20,000 will be due, commencing 1 January 20X3 The interest rate implicit in the lease is 8% The present value of the lease payments, excluding the initial payment, is $86,240 What will be recorded in Rabbit's financial statements at 30 June 2020 in respect of the lease liability?

Reference no: EM132563095

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