On May 31, 2004, FedEx, the overnight shipper, had total assets of \(\$ 19\) billion and total liabilities of \(\$ 11\) billion. Included among the assets were property, plant, and equipment with a cost of \(\$ 20\) billion and accumulated depreciation of \(\$ 11\) billion. During the year ended May 31, 2004, FedEx earned total revenues of \(\$ 25\) billion and had total expenses of \(\$ 24\) billion.

Requirements 

1. Show how FedEx would report property, plant, and equipment on its balance sheet at May 31, 2004. 

2. How much was FedEx's owners' equity at May 31, 2004?

3. Did FedEx report net income or net loss on its 2004 income statement? Compute the amount.