E7-44. (Learning Objective 4: Determining the sale price of property and equipment)

Willis Corporation reported the following for property and equipment (in millions, adapted):

During 20X7, Willis paid $2,580 million for new property and equipment. Depreciation for the year totaled $1,595 million. During 20X7, Willis sold property and equipment for cash of $45 million. How much was Willis’s gain or loss on the sale of property and equipment during 20X7?

Transcribed Image Text:

Property and equipment.. Accumulated depreciation. 20X7 Year End 20X6 $24,073 $22,011 (13,306) (12,087)