Analyzing, Interpreting, and Capitalizing Operating Leases TJX Companies Inc. reports the following balance sheet in its 2019 first-quarter report ( 10-Q).

TJX reported the following in its 10-K report for the year ended February 2, 2019.

a. The company adopted the new lease standard using the modified retrospective method which does not require restatement of comparative numbers on the balance sheet. What analysis challenge does this present if we want to analyze TJX at May 4, 2019? b. Assume a discount rate of 3.75% to determine the present value of the operating lease payments at fiscal-year-end February 2, 2019. Use Excel and do not round any of your numbers or subtotals. c. What adjustments might we make to the fiscal-year-end numbers to increase comparability of the TJX balance sheet numbers? d. Did the new lease standard have a material effect on the TJX balance sheet? Explain.

The following is a schedule of future minimum lease payments for continuing operations as of February 2, 2019