Using the SEC's EDGAR database, access the most recent 10-K (annual report) from Proctor & Gamble (ticker: PG). From the 10-K, calculate PG's NOPLAT and FCF for their fiscal year of 2019. You must show your work; simply entering a number will get no credit, even if it's correct.

Suppose you observe a firm paying $27,113/year in rental expenses on assets that have a 16 year life, and the cost of secured debt to purchase these assets is currently 5.63%. Show how you would 1) Estimate the asset value 2) Estimate the leasing interest and 3) leasing depreciation 4) Finally, explain in words and using dollars how the decision to lease instead of purchase assets has impacted operating profit (EBIT) and net income.