Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing to its leasing activities. The aggregate minimum noncancelable annual lease payments under leases in effect on January 30, 2016, are as follows: Fiscal Year ($ millions) 2016 2017 2018 2019 2020 Thereafter $1,335 1,298 1,146 1,021 882 2,718 Total minimum lease commitments $8,400 Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number. $ million Present Value Year 1 SAnswer Year 2 Answer Year 3 Answer Year 4 Answer Year 5 Answer After 5 Answer $ Answer
Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing to its leasing activities. The aggregate minimum noncancelable annual lease payments under leases in effect on January 30, 2016, are as follows: Fiscal Year ($ millions) 2016 2017 2018 2019 2020 Thereafter $1,335 1,298 1,146 1,021 882 2,718 Total minimum lease commitments $8,400 Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number. $ million Present Value Year 1 SAnswer Year 2 Answer Year 3 Answer Year 4 Answer Year 5 Answer After 5 Answer $ Answer
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter20: Accounting For Leases
Section: Chapter Questions
Problem 14E: Lessee and Lessor Accounting Issues The following information is available for a noncancelable lease...
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