Festival Corp. disclosed the following lease information in its 2016 annual report (in millions).
What lease liability does Festival's report on its balance sheet at December 31, 2016?
A) $21,644
B) $25,356
C) $47,000
D) Present value of operating lease payments, which must be calculated because it is not provided in the footnote above.

Question

Festival Corp. disclosed the following lease information in its 2016 annual report (in millions).
 What lease liability does Festival's report on its balance sheet at December 31, 2016?
A) $21,644 
B) $25,356 
C) $47,000 
D) Present value of operating lease payments, which must be calculated because it is not provided in the footnote above.

Quizplus · Accepted Answer

The present value of capital leases is reported on the balance sheet.