Question: 6 Analyzing and Interpreting Footnote on Operating and Capital Leases Verizon Communications Inc. provides the following footnote relating to adoption of the new lease accounting
Analyzing and Interpreting Footnote on Operating and Capital Leases
Verizon Communications Inc. provides the following footnote relating to adoption of the new lease accounting standards Topic in its Q report for the quarter ended March
The cumulative aftertax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic were as follows:
rent is being paid.
What is the amount of the rightofuse asset the company added to its balance sheet upon adoption of the new standard?
$ million
Assume the rightofuse assets had a weighted average lease term of years. Approximate the effect the operating leases had on Verizon's income statement in Q
Round to the nearest million.
The rental expense in Q would be $ million
What is the amount of the total operating lease liabilities the company added to its balance sheet upon adoption of the new standard?
million
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