Financial Statement Analysis Many businesses lease capital assets rather than purchasing them. Southwest Airlines is one such company. Use the company's 2012 financial statements and the related notes to answer the following questions. You can ignore the section of the lease note that discusses the sale/leaseback transactions. The 2012 annual report of Southwest Airlines can be found here: http:l/www.sec.govlArchives/edgar/datal92380/000119312513041608/d480533d10k.htm Does Southwest have any capital leases at the end of 2012? If yes, what assets are being leased in this manner and what is net value of these assets in the property and equipment section of the company's Balance Sheet? What assets are being leased under operating leases at the end of 2012? How much rental expense did Southwest incur on its operating leases during 20127 Where are these rental expenses included on the Income Statement? 1. 2. 3. 4. What are some of the characteristics or provisions of Southwest's (as lessee) leases? 5. What amount did Southwest report as its total future minimum annual rental commitments under noncancelable operating leases? At 12/31/12, what was the total present value of the minimum lease payments under Southwest's capital leases? 6. Financial Statement Analysis Many businesses lease capital assets rather than purchasing them. Southwest Airlines is one such company. Use the company's 2012 financial statements and the related notes to answer the following questions. You can ignore the section of the lease note that discusses the sale/leaseback transactions. The 2012 annual report of Southwest Airlines can be found here: http:l/www.sec.govlArchives/edgar/datal92380/000119312513041608/d480533d10k.htm Does Southwest have any capital leases at the end of 2012? If yes, what assets are being leased in this manner and what is net value of these assets in the property and equipment section of the company's Balance Sheet? What assets are being leased under operating leases at the end of 2012? How much rental expense did Southwest incur on its operating leases during 20127 Where are these rental expenses included on the Income Statement? 1. 2. 3. 4. What are some of the characteristics or provisions of Southwest's (as lessee) leases? 5. What amount did Southwest report as its total future minimum annual rental commitments under noncancelable operating leases? At 12/31/12, what was the total present value of the minimum lease payments under Southwest's capital leases? 6