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New lease accounting guidance will require companies to report a liability for operating leases at...

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Accounting

New lease accounting guidance will require companies to report a liability for operating leases at present value as well as for capital leases (now called finance leases). If Target had used the new lease accounting guidance in its fiscal 2017 financial statements, what would be the amount reported as a liability for operating leases? Hint: Assume the payments after 2020 are to be paid evenly over a 16 years period and all payments are at the end of years indicated. Target indicates elsewhere in its financial statements that 6% is an appropriate discount rate for its leases.

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