Antietam Corporation

Use the Note on Disclosure of Leases

question 37

Essay

Antietam Corporation

Use the note on disclosure of leases for Antietam Corporation to answer the questions that follow.

The Corporation leases office, warehouse and showroom space, retail stores and office equipment under operating leases, which expire no later than 2031. The Corporation normalizes fixed escalations in rental expense under its operating leases. Minimum annual rentals under noncancelable operating leases, excluding operating cost escalations and contingent rental amounts based upon retail sales, are payable as follows: $\begin{array}{l}\text { Fiscal year ending March 31, }\\\begin{array} { l r } 2017 & \$ 10,051,000 \\2018 & 11,121,000 \\2019 & 10,161,000 \\2020 & 9,063,000 \\2021 & 8,814,000 \\\text { Thereafter } & 46,681,000\end{array}\end{array}$ Rent expense was $12,551,000, $8,911,000, and $5,768,000 for the years ended March 31, 2016, 2015, and 2014, respectively.

-Review the information for Antietam Corporation.

Required
Determine the effect on the accounting equation when recording each type of lease described in the previous question.

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Definitions:

Reaction Time

The amount of time it takes to respond to a stimulus.

Age-Related Decline

The gradual loss of cognitive, physical, or biological functions associated with or accelerated by aging.

Complex Task

A task that involves multiple steps, requires a high level of cognitive engagement, and often demands the integration of various skills and knowledge.

Crystalized Intelligence

A type of intelligence characterized by utilizing acquired knowledge and experiences.