Norsk Hydro, the Norwegian-based global supplier of aluminum and aluminum products, had the following in its January 1, 2011, balance sheet (in millions of Norwegian Kroner, NOK):

Total property, plant, and equipment, at cost ......NOK60,754

Less: Accumulated depreciation .................................... 35,905

Property, plant, and equipment, net ......................NOK24,849

1. Open T-accounts for (a) Property, Plant, and Equipment; (b) Accumulated Depreciation, Property, Plant, and Equipment; and (c) Depreciation Expense. Enter the balance sheet amounts into the T-accounts.

2. Assume that in 2011 Norsk Hydro purchased or sold no assets and that depreciation expense for 2011 was NOK2,952 million. Depreciation was the only item affecting the Property, Plant, and Equipment account in 2011. Prepare the journal entry, and post to the T-accounts.

3. Prepare the property, plant, and equipment section of Norsk Hydro’s balance sheet at the end of 2011.

4. Land comprises $1,170 million of Norsk Hydro’s property, plant, and equipment, and land is not depreciated. Comment on the age of the company’s depreciable assets—that is, all property, plant, and equipment except land—at the December 31, 2011, balance sheet date.