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

$1,145\mathrm{.}28$

$2$ Answer

$1,026\mathrm{.}17$

$3$ Answer

$786\mathrm{.}72$

$4$ Answer

$607\mathrm{.}54$

$5$ Answer

$422\mathrm{.}95$

$>5$ Answer

$19,877\mathrm{.}07$

$23,865\mathrm{.}73$