Analyzing and Interpreting Footnote on Both Operating and Capital Leases Verizon Communications Inc. provides the following footnote relating to its leasing activities in its 10-K report. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2014, are: (in millions) 2015 2016 2017 2018 2019 Thereafter Capital Leases Operating Leases $2,499 2,245 1,960 1,660 1,369 4,670 $14,403 $181 137 113 68 39 60 598 82 516 158 5358 Total minimum rental commitments Less interest and executory costs Present value of minimum lease payments Less current installments Long-term obligation at December 31, 2014 Assuming that this is the only available information relating to its leasing activities, what amount does Verizon report on its balance sheet for its lease obligations? S 516 Based on the information provided by Verizon in this footnote, what amount of interest expense will it report on capital leases in 2015? Prepare a journal entry to record the 2015 lease payment. million General Journal Description Debit Credit Lease liability Interest expense $ Cash 181 d. Estimate the present value of Verizon's operating leases using a 5% discount rate Round to the nearest whole number million
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