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On 1 October 2019 Fire Ltd acquire an item of Plant under a 5 year...

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Accounting

On 1 October 2019 Fire Ltd acquire an item of Plant under a 5 year lease agreement. The lease require an immediate deposit of N $2000000 with 5 payments of N $6000000 payable annually in arrears commencing on 30 September 2020. The present value of the future lease payment was N $22746000. The agreements had an implicit finance cost of 10%p.A. what will be the current liability in Fire Ltd Statement of Financial Position as at 30 September 2020 in respect of this lease?

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