Plant Assets and Accumulated Depreciation Georgia-Pacific, the pulp, paper, and building products company, had the following in its January 1, 2003 balance sheet ($ in millions):

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Total property, plant, and equipment, at cost Accumulated depreciation Property, plant, and equipment, net $18,857 9,535 $ 9,322 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 2003 Georgia-Pacific purchased or sold no assets and that depreciation expense for 2003 was $950 million. Prepare the journal entry, and post to the T-accounts. 3. Prepare the property, plant, and equipment section of Georgia-Pacific's balance sheet at the end of 2003. 4. Land comprises $566 million of Georgia-Pacific'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 January 1, 2003 balance sheet date.