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Note 7 - Lease rentals On 1 April 2 0 2 3 Hugo began to lease a large group of machines that were used in

Note 7- Lease rentals
On 1 April 2023 Hugo began to lease a large group of machines that were used in the production process. The lease was for 4 years and the annual rental (payable in advance on 1 April each year) was $20 million. The rate of interest implicit in the lease can be taken as 9% per year. Please finish the adjustment by the Note 7. There should be some effect in lease liability, right of use asset, interest expense and depreciation.

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