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Question - On 1 January 2020 Rabbit acquires a new machine with an estimated useful life of 6 years under the following agreement:
An initial payment of RM13,760 will be payable immediately 5 further annual payments of RM20,000 will be due, commencing 1 January 2020
The interest rate implicit in the lease is 8%
The present value of the lease payments, excluding the initial payment, is RM86,240.
What will be recorded in Rabbit's financial statements at 31 December 2021 in respect of the lease liability?
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