Walmart Incorporated is the world's largest retailer. A large portion of the premises that the company occupies are leased. Its financial statements revealed the following information: Required: 1. The net asset "Finance lease right-of-use assets, net" has a July 31,2020 balance of $4,843million. Liablitites for these leases total $5,222($549+$4,673). Why do the asset and liability 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. The net asset "Finance lease right-of-use assets, net" has a July 31,2020 balance of $4,843 million. Labilities for these leases total $5,222($549+$4,673). Why do the asset and liability amounts differ? 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 $5,222($549+$4,673). Why do the asset and liability amounts differ? Why do the asset and liablity amounts differ? When finance leases are first recorded, liabilities increase by the present value of lease payments, while right-of-use assets increase by the total of lease payments. Journal entry worksheet Note: Enter debits before credits. Walmart Incorporated is the world's largest retailer. A large portion of the premises that the company occupies are leased. Its financial statements revealed the following information: Required: 1. The net asset "Finance lease right-of-use assets, net" has a July 31,2020 balance of $4,843million. Liablitites for these leases total $5,222($549+$4,673). Why do the asset and liability 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. The net asset "Finance lease right-of-use assets, net" has a July 31,2020 balance of $4,843 million. Labilities for these leases total $5,222($549+$4,673). Why do the asset and liability amounts differ? 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 $5,222($549+$4,673). Why do the asset and liability amounts differ? Why do the asset and liablity amounts differ? When finance leases are first recorded, liabilities increase by the present value of lease payments, while right-of-use assets increase by the total of lease payments. Journal entry worksheet Note: Enter debits before credits