On 1 April 2018 Hop entered a lease agreement for fitness equipment and made a payment on that date of 4,000, being the first of five equal annual payments. Each instalment being due on 1 April. The lease has an implicit rate of interest of 10%. The 4,000 has been recorded as; Dr Cost of sales, Cr Bank, no other accounting entries have been made. The fitness equipment has an expected useful economic life of 8 years. The discount rates at 10% are as follows; 1 year 0.909; 2 year 0.826, 3 year 0.751, 4 year 0.683 and 5 year 0.621.

At step 1 of Lease 1, what is the calculation of the present value of the lease i.e at the beginning of the lease?

what is the calculation of the Net Book Value of the 'Right of use' Asset at 31 March 2019?

what is the calculation of the lease liability at 31 March 2019?

what is the current Lease liability amount in the Statement of Financial Position at 31 March 2019?

what is the amount of the Non-Current Lease Liability in the Statement of Financial Position at 31 March 2019?

what is the amount of the journal "DR 'Right of Use' Asset, CR Lease liability to record the initial lease liability?

what is the amount of the journal "DR 'Dep'n COS, CR 'Right of Use Asset" to record depreciation of the lease?

that is the amount of the journal "DR Lease Liability, CR COS" to correct the original journal entry?

what is the amount of the journal "DR Finance cost, CR Lease Liability" to record the finance cost?