Analyzing, Interpreting and Capitalizing Operating Leases Assume YUM! Brands, Inc., reports the following footnote relating to its capital and operating leases in its 2010 10-K report ($ millions). Future minimum commitments...under non-cancelable leases are set forth below. At December 25, 2010, and December 26, 2009, the present value of minimum payments under capital leases was $236 million and $249 million, respectively.

the implicit rate on YUM!'s capital leases is 7.63%

Using a 7.63% discount rate and rounding the remaining lease life to three decimal places, compute the present value of YUM!'s operating leases. (Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number.)

($ millions)	Present Value
Year 1
Year 2
Year 3
Year 4
Year 5
After 5
Total*

Analyzing, Interpreting and Capitalizing Operating Leases Goldman Sachs' 10-K report contains the following lease footnote. This is the only information it discloses relating to its leasing activity. The firm has contractual obligations under long-term noncancelable lease agreements for office space expiring on various dates through 2069. Rent charged to operating expense was $249 million for 2015. The table below presents future minimum rental payments, net of minimum sublease rentals.

$ in millions	As of December 2015
2016	$317
2017	313
2018	301
2019	258
2020	226
2021-thereafter	1,160
Total	$2,575

c) Using a 6% discount rate and rounding the remaining lease life to the nearest whole year, estimate the assets and liabilities that Goldman Sachs fails to report as a result of its off-balance-sheet lease financing. (Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number.)

	Present Value
Year 1	$
Year 2	$
Year 3	$
Year 4	$
Year 5	$
After 5	$
Total*	$