The following table summarizes nowman's non-cancelable operating lease payments with remaining terms in excess of one year for the years succeeding december 31, 2018:
year ending december 31
payment
2019
$220,000
2020
$180,000
2021
$240,000
2022
$210,000
2023
$190,000
thereafter (2024-2027)
$832,000
what is the amount of operating lease obligation that needs to be reported on the balance sheet on december 31, 2018? assuming that the discount rate is 8%. (hint: for years after 2023, the annual lease payment should be treated as the average of prior years between 2019 to 2023.)
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The following table summarizes nowman's non-cancelable operating lease payments with remaining terms...
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