SC Academy Ltd has a 31 December year end.

SC Academy acquired an equipment under a finance lease agreement on 1 January 2018. Lease payments are $10,000 annually for three years, payable in arrears, the first instalment being due on 31 December 2018.

The equipment would have cost $26,000 to buy outright and the estimated economic useful life of the asset is four years with zero residual value. The rate of interest implicit in the lease is 7%.

I NEED ANS FOR (A) and (B)

Statement of Financial Position as at		2018
		Note	$
	Current Liabilities
	Lease payable	2	(A)
	Non-Current Liabilities
	Lease payable	2	(B)