12) Beacon Industries disclosed the following minimum rental commitments under non-cancelable operating leases in its 2017 annual report: Minimum operating lease payments in millions) 2018 2019 2020 2021 2022 Total Amount S89 58 42 32 25 $246 what is the present value of these operating lease payments, assuming a 6% discount rate? A. $246 million B. $215 million C. $70 million D. $225 million E. None of the above 13) Under the pre-2019 accounting standards, GAAP identifies two different approaches in the reporting of leases by the lessee: capital and operating. Which of the following best describes the effects of leasing on the financial statements of the lessee