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Ellis The Ellis Corporation has heavy lease commitments. Prior to SFAS No. 13, it merely footnoted lease obligations in the balance sheet, which appeared as

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The Ellis Corporation has heavy lease commitments. Prior to SFAS No. 13, it merely footnoted lease obligations in the balance sheet, which appeared as follows: Use Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods In $ millions In $ millions S 80 Current liabilities $ 35 30 $ 65 95 $160 Current assets Fixed assets 80 Long-term liabilities Total liabilities Stockholders' equity S 160 Total assets T0 Total liabilities and stockholders' equity The footnotes stated that the company had $26 million in annual capital lease obligations for the next 25 years. a. Discount these annual lease obligations back to the present at a 8 percent discount rate. (Do not round intermediate calculations. Round your answer to the nearest million. Input your answer in millions of dollars (e.g., $6,100,000 should be input as "6").) PV of lease obligations million

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