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Below shows the Balance Sheets and Income Statements, and future lease commitments of General Electric (ticker: GE) reported in the 10-K files. Assume a 4.5%

Below shows the Balance Sheets and Income Statements, and future lease commitments of General Electric (ticker: GE) reported in the 10-K files. Assume a 4.5% lease discount rate and a 21% income tax rate, please calculate (1) lease depreciation expense, (2) adjusted gross income, (3) adjusted net income, (4) adjusted lease right-of-use assets, and (5) adjusted total liabilities in 2019 and 2020. General Electric Company (ticker: GE)

Simplified Balance Sheets

2020

2019

2018

2017

Assets

Total Current Assets

88,412

77,545

88,082

106,297

Net Property, Plant & Equipment

44,662

46,186

50,749

53,874

Other Property, Plant & Equipment

75,927

75,187

87,475

89,608

Lease Right-of-Use Assets

2,987

2,896

0

0

Accumulated Depreciation

34,252

31,897

36,726

35,734

Total Long-Term Investments

58,437

58,532

46,950

67,557

Intangible Assets

35,298

37,387

77,773

104,241

Deferred Tax Assets

13,679

17,931

20,991

21,762

Other Assets

14,562

36,509

33,143

39,769

Total Assets

255,050

274,090

317,688

393,500

Liabilities

Current Liabilities

Total Current Liabilities

56,069

75,025

67,337

77,400

Long-Term Debt

73,642

71,206

97,109

110,555

Long-Term Debt excl Lease Obligations

70,288

68,810

97,109

110,555

Capital and Operating Lease Obligations

3,354

2,396

0

0

Provision for Risks & Charges

75,010

73,667

69,345

79,766

Deferred Tax Liabilities

1,598

8,042

8,559

15,555

Other Liabilities

11,170

15,850

23,475

24,839

Total Liabilities

217,489

243,790

265,825

308,115

Equity

Preferred Stock (Carrying Value)

6

6

6

6

Common Equity

35,546

28,310

30,975

64,257

Total Shareholders' Equity

35,552

28,316

30,981

64,263

Accumulated Minority Interest

2,009

1,984

20,882

21,122

Total Equity

37,561

30,300

51,863

85,385

Total Liabilities & Shareholders' Equity

255,050

274,090

317,688

393,500

General Electric Company (ticker: GE)

Simplified Income Statements

2020

2019

2018

2017

Sales

79,893

95,055

121,615

120,468

Cost of Goods Sold (COGS) incl. D&A

59,891

66,573

87,137

84,586

COGS excluding D&A

53,873

60,978

78,913

77,227

Depreciation & Amortization Expense

6,018

5,595

8,224

7,359

Gross Income

20,002

28,482

34,478

35,882

Research & Development

2,565

3,115

4,134

4,803

Rental Expense

1,072

1,176

1,848

1,746

Other SG&A

13,304

15,431

16,989

29,534

EBIT (Operating Income)

3,061

8,760

11,507

-201

Nonoperating Income - Net

8,962

-564

-518

1,624

Interest Expense

3,231

4,324

5,059

4,869

Unusual Expense - Net

3,595

2,723

26,064

5,345

Pretax Income

5,197

1,149

-20,134

-8,791

Income Taxes

-475

726

583

-3,043

Consolidated Net Income

5,658

423

-20,717

-5,759

Minority Interest

-7

7

-89

-277

Net Income

5,665

416

-20,628

-5,482

Discontinued Operations

-93

-211

-1,737

-456

Preferred Dividends

474

461

447

436

Net Income available to Common

5,098

-256

-22,812

-6,374

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