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On 1 July 2 0 X 5 , Bow Ltd leased equipment to Tie Ltd . The terms of the contract are as follows: Lease
On July X Bow Ltd leased equipment to Tie Ltd The terms of the contract are as follows: Lease term Economic life of the equipment Annual lease payment, in arrears commencing June X Fair value of the equipment at July X Residual value at end of lease not guaranteed Residual value at end of econtmic life Interest rate implicit in lease PV factor of $ at end of one year PV factor for annuity of $ per year for years PV factor of annuity of $ per year for years PV factor of $ at end of years years years $ $ $ nil The lease is noncancellable, and at the end of the lease the equipment will be returned to Bow lessor The lease has been classified as a finance lease by Bow. What is the reported amount of the current liability rounded to the nearest whole dollar in the balance sheet of the lessee at the end of June in accordance with the requirements of AASB Leases?
On July X Bow Ltd leased equipment to Tie Ltd The terms of the contract are as follows:
Lease term
Economic life of the equipment
Annual lease payment, in arrears commencing June X
Fair value of the equipment at July X
Residual value at end of lease not guaranteed
Residual value at end of econtmic life
Interest rate implicit in lease
PV factor of $ at end of one year
PV factor for annuity of $ per year for years
PV factor of annuity of $ per year for years
PV factor of $ at end of years
years
years
$
$
$
nil
The lease is noncancellable, and at the end of the lease the equipment will be returned to Bow lessor The lease has been classified as a finance lease by Bow.
What is the reported amount of the current liability rounded to the nearest whole dollar in the balance sheet of the lessee at the end of June in accordance with the requirements of AASB Leases?
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