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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A1 FedEx Corporation Partial Consolidated Balance Sheets 31 (in millions) PROPERTY AND EQUİPMENTATCOST Aircraft and related equipment Package handing and ground support equipment 2012 2011 14,360 13,146 5,591 4,408 3,294 24 33,686 118,143 5,912 4,646 3,654 7592 7 Computer and electronic equipment Vehicles Facilities and other Gross property and equipment 36,164 1 Less accumulated depreciation and amortization 12 Net property and equipment A1 FedEx Corporation Partial Statements of Cash Flows (In millions) Investing Activities Capital expenditures May 31 2012 2011 4,0073,434 Business acquisitions Proceeds from asset dispositions and other Cash used in Investing activities 116 74 4.049S(3,419