Question: Analysis Case 15-4 (Static) Lease concepts; Walmart (LO15-1, 15-2, 15-3, 15-4] The following information applies to the questions displayed below.) Walmart Inc. is the world's

Analysis Case 15-4 (Static) Lease concepts; Walmart (LO15-1, 15-2, 15-3, 15-4] The following information applies to the questions displayed below.) Walmart Inc. is the world's largest retailer. A large portion of the premises that the company occupies are leased. Its financial statements and disclosure notes revealed the following information: 2017 2016 Balance Sheet ($ in millions) Assets Property: Property under finance lease obligations Less: Accumulated amortization Liabilities Current liabilities: Finance lease obligations due within one year Long-term debt: Long-term finance lease obligations $11,637 $11,096 (5,169) (4,751) 565 551 6,803 5,816 Analysis Case 15-4 (Static) Part 2 2. Prepare o 2017 summary entry to record Walmart's lease payments, which were $800 million (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (ie. 10,00.00 should be entered as 10).) View transactionist View journal entry worsel Analysis Case 15-4 (Static) Part 2 2. Prepare a 2017 summary entry to record Walmart's lease payments, which were $800 million. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,00,000 should be entered as 10).) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Interest expense Lease payable Cash
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