How much total expenses for all operating leases will be

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Reference no: EM132770072

This question is about "operating lease assets" and "operating lease liabilities" on Lyondellbasell's balance sheet and asks for amounts that would appear on the financial statements for 2020.

Suppose leased assets on the books at December 31, 2019 are to be depreciated on a straight-line basis over the remaining 5 year term of the leases with zero salvage value. Further, assume the discount rate associated with the lease liability at December 31, 2019 is 4.2% and that the annual lease payments in 2020 are expected to be $273.

Problem 1: Assuming no new lease assets are acquired and none of the existing assets are disposed of, how much total expenses for all operating leases will be recorded in the year ended December 31, 2020? (Hint: The total expenses come from two sources.)

Reference no: EM132770072

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