SBW Goalposts Ltd leases a truck from the NZRU Bank so that it can deliver goalposts to its customers on 1 July 2015. Lease payments of $23,000 are required annually in advance for 5 years (payable 30 June), and a residual payment of $6,592 is required. The implicit interest rate in the lease is 10% p.a. The truck has a useful life of 10 years with a salvage value of $10,000

Required Record the necessary journal entries for SBW Goalposts on the following dates 1. 1 July 2015 2. 30 June 2016 3. 30 June 2020

Could you explain a little bit more about how to calculate the Lease Liability? I'm not sure how to find the PV of Lease