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Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2 0 1 8 ( ended February 2 ,

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.
Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places.
The aggregate minimum noncancelable annual lease payments under leases in effect on February 2,2019, are as follows:
Fiscal Year ($ millions)
2019 $1,214
20201,153
2021937
2022767
2023566
Thereafter 1,596
Total minimum lease commitments $6,233
Compute the present value of GAP's operating leases using the following assumptions
Assmption
Discount rate 6%
Round remaining lease term to the nearest whole year
Year Present Value
1 Answer
1,145.28
2 Answer
1,026.17
3 Answer
786.72
4 Answer
607.54
5 Answer
422.95
>5 Answer
19,877.07
23,865.73
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