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What is the total amount that should be charged

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Question - Jean Co entered into a lease for an item of plant on 1st April 2020 which required payments of £15,000 to be made annually in arrears, with the first payment required to pay on 31st March 2021. The present value of the lease payments was estimated to be £100,650 at the commencement of the lease and the rate of interest implicit in the lease was 8%. Both the lease term and the plant's estimated useful life was ten years. There is no residual value of this item of plant at the end of useful life and Jean Co accounts for depreciation and finance charges on monthly basis. What is the total amount that should be charged to Jean Co's statement of profit or loss relevant to this right-of- use asset for the year ended on 31st October 2020?

Reference no: EM133105236

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