Book Value of Fixed Assets Cannington Inc. designs, manufactures, and markets personal computers and related software. Cannington also manufactures and distributes music players (cPod), mobile phones (cPhone), and smartwatches (Cannington Watch) along with related accessories and services, including online distribution of third-party music, videos, and applications. The following information was taken from a recent annual report of Cannington: Property, Plant, and Equipment (in millions): Current Year Preceding Year Land and buildings $660,580 $383,136 Machinery, equipment, and internal-use software 627,551 495,435 Other fixed assets 799,302 601,128 Accumulated depreciation and amortization (838,937) (700,215) a. Compute the book value of the fixed assets for the current year and the preceding year. Current year book value (in millions) $ Preceding year book value (in millions) $ A comparison of the book values of the current and preceding years indicates that they million of additional fixed assets, which was offset by the additional depreciation expense of b. Would you normally expect Cannington's book value of fixed assets to increase or decrease during the year? A comparison of the total cost and accumulated depreciation reveals that Cannington purchased $ million taken during the current year.