4 Analyzing and Interpreting Lease Footnote DisclosuresThe GAP Inc. discloses the following schedule to its fiscal 2018 (ended February 2, 2019) 10-K report relating to its leasing to its leasing activities.Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places.The aggregate minimum noncancelable annual lease payments under leases in effect on February 2, 2019, are as follows:Fiscal Year ($ millions)Thereafter1,596Total minimum lease commitments $6,233Compute the present value of GAP's operating leases using the following assumptionsAssmptionDiscount rateRound remaining lease term to the nearest whole yearYear1 $23455>52019 $1,2142020 1,1532021 93720227672023566$AAPresent Value1,145.281,026.17786.72607.54422.9526,600 *30588.666%

Leasing is a common practice in business where one party (the lessor) allows another party (the lessee) to use an asset for a specified period in exchange for periodic payments. The leased asset could be anything from real estate to machinery or equipment. Accounting for leases is governed by accounting standards, such as the International Financial Reporting Standards (IFRS) or the Generally Accepted Accounting Principles (GAAP) in the United States.Computation of Present Value of GAP's Operating lease : YearAmount Present Value Factor @6%Present Value2019 $ 1,214.000.943396226 $ 1,145.282020 $ 1,153.000.88999644 $ 1,026.172021 $ 937.000.839619283 $ 786.722022 $ 767.000.792093663 $ 607.542023 $ 566.000.747258173 $ 422.95Calculation of Present Value after 2023 at constant rate of $1,596 :Present Value YearPresent Value2019 $ 1,145.282020 $ 1,026.172021 $ 786.722022 $ 607.542023 $ 422.95>2023$ 19870.07