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NOTE: Answer for "After 5" is NOT 1072, 1071, 1135, or 1136. Analyzing and...

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Accounting

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NOTE: Answer for "After 5" is NOT 1072, 1071, 1135, or 1136.

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. The aggregate minimum noncancelable annual lease payments under leases in effect on February 2, 2019, are as follows: Fiscal Year ($ millions) 2019 $1,156 2020 1,098 2021 892 2022 730 2023 539 Thereafter 1,520 Total minimum lease commitments $5,935 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 1,091 $ Year 2 977 Year 3 749 Year 4 578 Year 5 403 After 5 1,135 x 4,904 x $

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