Analyzing and Interpreting Lease Footnote Disclosures The 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) 2019 $1,214 2020 1,153 2021 937 2022 767 2023 566 Thereafter 1,596 Total minimum lease commitments $6,233 Compute the present value of GAP's operating leases using the following assumptions Assmption Discount rate Round remaining lease term to the nearest whole year 6%
Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2018 (ended February 2, 2019) 10-K report relating to its leasing to its leasing activities. Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places. The aggregate minimum noncancelable annual lease payments under leases in effect on February 2, 2019, are as follows: Fiscal Year ($ millions) 2019 $1,214 2020 1,153 2021 937 2022 767 2023 566 Thereafter 1,596 Total minimum lease commitments $6,233 Compute the present value of GAP's operating leases using the following assumptions Assmption Discount rate Round remaining lease term to the nearest whole year 6%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Analyzing and Interpreting Lease Footnote Disclosures
The GAP Inc. discloses the following schedule to its fiscal 2018 (ended February 2, 2019) 10-K report relating to its leasing to its leasing activities.
Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places.
The aggregate minimum noncancelable annual lease payments under leases in effect on February 2, 2019, are as follows:
Fiscal Year ($ millions)
Thereafter
1,596
Total minimum lease commitments $6,233
Compute the present value of GAP's operating leases using the following assumptions
Assmption
Discount rate
Round remaining lease term to the nearest whole year
Year
1 $
234
55
>5
2019 $1,214
2020 1,153
2021 937
2022
767
2023
566
$
AA
Present Value
1,145.28
1,026.17
786.72
607.54
422.95
26,600 *
30588.66
6%
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