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on 1 January 2019 platinum ltd entered a lease agreement. The initial lease liability was...

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Accounting

on 1 January 2019 platinum ltd entered a lease agreement. The initial lease liability was N$360 200 and a deposit of N$120 000 was payable on 1 January 2019 with further instalments of N$100 000 payable on 31 December 2019, 31 December 2020 and 31 December 2021. The rate implicit in the lease is 12%. What will be the amount of finance charge arising from this lease which will be charged to statement of profit or loss account?

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