Course Content / Chapter 8 Assignment 7 Computing and Recording Proceeds from the Sale of PPE The following information was provided in the 2020 10-K of Hilton Worldwide Holdings, Inc. Note 7: Property and Equipment (5 millions) Property and equipment, gross 2020 2019 $832 $889 Accumulated depreciation and amortization (486) (509) Property and equipment, net $346 $380 During the year ended December 31, 2020, we recognized $28 million of impairment losses related to property and equipment, including $4 million for finance lease ROU assets, which reduced the gross carrying value of property and equipment by $119, including finance lease ROY assets by $42 million, and the accumulata depreciation and amortization by $91 million, including finance lease ROU assets by $38 milli Note 7 also revealed that depreciation and amortization expense on property and equipment totaled $57 million in 2020. The statement of cash flows reported that expenditures for property and equipment totaled $46 million in 2020 and that there were neither proceeds nor gain or loss on the sale of property and equipment during the year. 1. Using the information provided, prepare a journal entry and record in the FSET: a. the acquisition of new property and equipment during the year; b. the depreciation and amortization expense for the year; c. the impairment of the company's property and equipment during the year. Account To record acquisition of property and equipment Debit Credit 0 Assignment 7 1. Using the information provided, prepare a journal entry and record in the FSET: the acquisition of new property and equipment during the year b. the depreciation and amortization expense for the year; c. the impairment of the company's property and equipment during the year... Account Debit Credit To record acquisition of property and equisment b. To record deprecation and amortization expense C.To record pairment of the company property and quement 0 0 0 (mens) Balance Sheet Income Statement Transaction Cash Asset Noncash . Assets Contra Contributed Earned Assets -Liabilities Capital Capital Revenues Expenses Net Income Acquisition of PPE 0 0 0 0 0 b Depreciation Impairment of PPE Check 0 0 0 D