Hometown Sales, Inc., sells electronics and appliances. The excerpts that follow are adapted from Hometown Sales' financial statements for 2016 and 2015:

Requirements
1. How much was Hometown Sales's cost of plant assets at April 30, 2016? How much was the book value of plant assets? Show computations?
2. The financial statements give three pieces of evidence that Hometown Sales purchased plant assets and goodwill during fiscal year 2016. What are they?
3. Prepare T-accounts for Property, Plant, and Equipment; Accumulated Depreciation; and Goodwill. Then fill in the T-accounts with information from the comparative balance sheets and cash flow statements. Label each increase or decrease and give its dollar amount?
4. Prepare the journal entry for the sale of property, plant, and equipment in 2016?

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March 31, 2016 2015 Balance Sheet (dollars in millions) Assets Total current assets $7 Property, plant, and equipment4,836 4,194 Less: Accumulated depreciation 2,121 1,726 Goodwil $7,980 $6,907 553 515 Year Ended March 31, 2016 2015 Statement of Cash Flows (dollars in millions) Operating activities: 1,142 $988 Net incom Noncash items affecting net income: 459 459 Gain on sale of property, plant and equipmen131) 0 Investing activities Additions to property, plant, and equipment... Sale of property, plant and equipmen (720) (615) 145