Walmart Inc. is the world's largest retailer. A large portion of the premises that the company occupies are leased. Its financial statements and disclosure notes revealed the following information: Balance Sheet Required: 1. The net asset "property under finance lease obligations" has a 2017 balance of $6,468 million ($11,637$5,169). Liabilities for these leases total $6,568($565+$6,003). Why do the asset and liability amounts differ? 2. Prepare a 2017 summary entry to record Walmart's lease payments, which were $800 million. 3. What is the approximate average interest rate on Walmart's finance leases? Explain what an average interest rate is and why it is important to Walmart
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