Question

FedEx Corporation provides a broad portfolio of transportation, e-commerce, and business services. FedEx reported the following information in its 2012 annual report:


Requirements
1. Using the information provided from the balance sheet and statement of cash flows for FedEx, reconstruct the Property and Equipment and Accumulated Depreciation accounts. You will not have to account for individual asset categories, but only for the gross cost of property and equipment and accumulated depreciation. You will have to solve for the original gross cost and accumulated depreciation of the plant and equipment sold. Ignore business acquisitions for purposes of this part.
2. Prepare the journal entries to record total capital expenditures, total depreciation expense, asset impairments, and total sales of property, plant, and equipment. You will have to compute an implied gain or loss on equipment sold based on the informationgiven.


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  • CreatedJuly 25, 2014
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