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Delta airlines provides scheduled air transportation service

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1.Delta Airlines provides scheduled air transportation services in the United States. Like many airlines, Delta leases many of its planes from Boeing Company . In its long term debt disclosure note included in the financial statements for the year ended December 31, 2010, the company listed $738 million in lease obligations. The existing leases had an approximate seven year remaining life and future lease payments average approximately $153 million per year.

Required:
1. Determine the effective interest rate the company used to determine the lease liability assuming that lease payments are made at the end of each fiscal year.
2. Repeat requirement 1 assuming that lease payments are made at the beginning of each fiscal year.

Reference no: EM13882950

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