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Question a. During the year ended 30 September 20x4 Hyper entered into two lease transactions. On Ist October 20x3, Hyper made payment of RM90,000 being the first of five equal annual payments under a lease for an item of plant. The lease has an implicit interest rate of 10% and the present value of the total lease payments on 1 October 20x3 was RM340,000. On 1st January 20x4, Hyper made a payment of RM18,000 for a one-year lease of an item of equipment.
Determine the total amount that would be charged to Hyper's statement of profit or loss for the year ended 30 September 20x4 in terms of depreciation, finance charges and rental of equipment.Question b. Z entered into a five-year lease agreement on 1 November 20x2. The present value of the lease payments was RM45,000 and the interest rate implicit in the lease was 7%. The annual payment was RM10,975 in arrears. Determine the amount to be shown within non-current liabilities at 31 October 20x3.Question c. On 1 January 20x3 Wolf acquired a new machine with an estimated useful life of 6 years under the following agreement: An initial payment of RM13,760 will be payable straight away. 5 further annual payments of RM20,000 will be due, beginning on 1 January 20x3. The interest rate implicit in the lease is 8% The present value of the lease payments, including the initial payment is RM100,000.
Required:
Prepare Wolf's financial statement extract for the year 31 December 20x4 in respect of the lease liability.Question d. Explain the term Low value Assets as per IFRS 16, Leases. Give THREE (3) examples of low value assets
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