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What amount will appear under non-current liabilities

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On 1 October 2020 Falmer Co hired a machine under a four-year lease. A deposit of £500,000 was payable on the commencement of the lease 1 October 2020. The present value of the future lease payments was £1,387,546. A further three instalments of £500,000 are payable annually in advance. The interest rate implicit in the lease is 4%.

Problem 1: What amount will appear under non-current liabilities in respect of this lease in the statement of financial position of Falmer Co at 30 September 2021?

Reference no: EM132960868

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