8-57 Reconstruction of Plant Asset Transactions The annual report of General Mills, maker of Wheaties, Cheerios, and Betty Crocker baking products, for the year ended May 29, 2011, contained the following ($ in millions): Total land, buildings, and equipment Less: Accumulated depreciation Net land, buildings, and equipment May 29, 2011 May 30, 2010 $6,949.7 3,822.0 $3,127.7 $7,492.1 4,146.2 $3,345.9 During fiscal 2011, depreciation expense was $472.6 million, and General Mills acquired land, buildings, and equipment worth $848.8 million. Assume that no gain or loss arose from the disposition of land, buildings, and equipment and that General Mills received cash of $158.0 million from such disposals. Compute (1) the original historical cost of assets sold or retired during fiscal 2011, (2) the amount of accumulated depreciation associated with the assets sold or retired, and (3) the book value of the assets sold or retired. Hint: The use of T-accounts may help your analysis. 376