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Walmart incorporated is the world's largest retallet. A large portson of the premises that the company occuples are leased. lts financial statementsievealed the following information: Requited: 1. The net asset "Finance lease right of use assets, net" has a July 31,2020 balance of $4.843 million. Liabilities for these leases total $5,722($549+$4,673). Why do the asset and liability amounts dilfer? 2. Prepare a journal entry that summarizes Walmart's finance lease payments for the fweive months ended July 31,2020 . Walmart's income statement reports finance lease interest of $334 millilon. Complete this question by entering your answers in the tabs below. The net asset "Finance lease tight-of-use assets, net' has a duly 31,2020 balance of $4.843 milion. Wiabilities for these leases total $5,722($549+$4,673). Why do the asset and iability amounts difor? 1. The net asset "Finance lease night-of-use assets, net" has a July 31,2020 balance of $4.843 million. Liabilities for these leases total $5,222 (\$549+\$4,673) Why do the asset and llability amounts differ? 2. Prepare a journal entry that summarizes Walmart's finance lease payments for the twelve months ended July 31, 2020. Walmart's income statement reports finance lease interest of $331 million. Complete this question by entering your answers in the tabs below. The net asset "Finance lease right ot-ise assets, net" has a July 31,2020 balance of 54,843 million. tiabilities for these leases total $5,222($549+$1,673). Why do the asset and liability amounts differ? Why do foe asset and habity amounts differ? Afer the commencemont of the loese, night ot use assots are reduced by amorization but leaso labbibos are reduced by the principal porton of lease payments Prepare a fournal entry that summarizes Wolmart's finance fease payments for the twelve months ended July 31, 2020. Waimart's Income statement reports finance lease interest of $331 million. Note if no entry is required lor a transaction/event, select "No joumal entry required" In the first account field. Enter your answers in invilions (1.0,10,00,000 should be entered as 10). Journal entry worksheet Walmart incorporated is the world's largest retallet. A large portson of the premises that the company occuples are leased. lts financial statementsievealed the following information: Requited: 1. The net asset "Finance lease right of use assets, net" has a July 31,2020 balance of $4.843 million. Liabilities for these leases total $5,722($549+$4,673). Why do the asset and liability amounts dilfer? 2. Prepare a journal entry that summarizes Walmart's finance lease payments for the fweive months ended July 31,2020 . Walmart's income statement reports finance lease interest of $334 millilon. Complete this question by entering your answers in the tabs below. The net asset "Finance lease tight-of-use assets, net' has a duly 31,2020 balance of $4.843 milion. Wiabilities for these leases total $5,722($549+$4,673). Why do the asset and iability amounts difor? 1. The net asset "Finance lease night-of-use assets, net" has a July 31,2020 balance of $4.843 million. Liabilities for these leases total $5,222 (\$549+\$4,673) Why do the asset and llability amounts differ? 2. Prepare a journal entry that summarizes Walmart's finance lease payments for the twelve months ended July 31, 2020. Walmart's income statement reports finance lease interest of $331 million. Complete this question by entering your answers in the tabs below. The net asset "Finance lease right ot-ise assets, net" has a July 31,2020 balance of 54,843 million. tiabilities for these leases total $5,222($549+$1,673). Why do the asset and liability amounts differ? Why do foe asset and habity amounts differ? Afer the commencemont of the loese, night ot use assots are reduced by amorization but leaso labbibos are reduced by the principal porton of lease payments Prepare a fournal entry that summarizes Wolmart's finance fease payments for the twelve months ended July 31, 2020. Waimart's Income statement reports finance lease interest of $331 million. Note if no entry is required lor a transaction/event, select "No joumal entry required" In the first account field. Enter your answers in invilions (1.0,10,00,000 should be entered as 10). Journal entry worksheet