4. A is correct. The PV of the operating lease is: 5/(1.05) + 4/(1.05)
2 + 3(1.05)
3 = $10.98
million. Note: To calculate the PV we use lower of the firm’s financing rate or the interest
rate implicit in the lease. The proper adjustment is to increase both long-term assets and
liabilities by the same amount.
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