Analyzing and Interpreting Footnote on Both Operating and Capital Leases Verizon Communications Inc. provides the following footnote relating to its leasing activities in its 10-K report. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2014, are: (in millions) 2015 2016 2017 2018 2019 Thereafter Capital Leases Operating Leases $2,499 2,245 1,960 1,660 1,369 4,670 $14,403 $181 137 113 68 39 60 Total minimum rental commitments 598 82 Less interest and executory costs Present value of minimum lease payments Less current installments 516 158 $358 Long-term obligation at December 31, 2014 Assuming that this is the only available information relating to its leasing activities, what amount does Verizon report on its balance sheet for its lease obligations million Does this amount represent its total obligation to lessors? OYes ONo Based on the information provided by Verizon in this footnote, what amount of interest expense will it report on capital leases in 2015? Prepare a journal entry to record the 2015 lease payment. General Journal Description Debit Credit Lease liability 0 0 0 rate Round to the nearest whole number million What would be the effect on Verizon's balance sheet if these leases were reported as capital leases? Verizon's assets would not change and liabilities would increase if these leases were reported as capital leases. verizons asset nd lahse las repored as capital leases. Verizon's assets and liabilities would increase if these leases were reported as capital leases Verizon's assets and liabilities would decrease if these leases were reported as capital leases. Please answer all parts of the