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A company acquired an item of plant under a finance lease on 1 April 2007....

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Accounting

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A company acquired an item of plant under a finance lease on 1 April 2007. The present value of the minimum lease payments was $15.6 million and the rentals are $6 million per annum paid in arrears for three years on 31 March each year. The interest rate implicit in the lease is 8% per annum. What amount will appear under current liabilities in respect of this lease in the statement of financial position at 31 March 2008(end of year 1) Exclude $, space and decimal from your answer. e.g. $4,515,360 input as 4515360

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