Walmart Stores, 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:

Required:
1. Discuss some possible reasons why Walmart leases rather than purchases most of its premises.
2. The net asset “property under capital lease” has a 2009 balance of $2,797 million ($5,341 − 2,544). Liabilities for capital leases total $3,515 ($315 + 3,200). Why do the asset and liability amounts differ?
3. Prepare a 2009 summary entry to record Walmart's lease payments, which were $603 million.
4. What is the approximate average interest rate on Walmart's capital leases?