Karl Company operates in both the beverage and entertainment industries. In June 2013, Karl purchased Good Time, Inc., which produces and distributes motion picture, television, and home video products and recorded music; publishes books, and operates theme parks and retail stores. The purchase resulted in $2.7 billion in goodwill. Since then, Karl has undertaken a number of business acquisitions and divestitures (sales of businesses) as the company expands into the entertainment industry. Selected data from a recent annual report are as follows (amounts are in U.S. dollars in millions): Current Year $ 1,272 761 2,733 3,076 Prior Year $ 991 645 2,559 3,355 9,714 10,644 Property, plant, Equipment, and Intangibles from the Consolidated Balance Sheet Film costs, net of amortization Artists' contracts, advances, and other entertainment assets Property, plant, and equipment, net Excess of cost over fair value of assets acquired From the Consolidated Statement of Income Total revenues From the Consolidated Statement of Cash Flows Income from continuing operations Adjustments: Depreciation Amortization Other adjustments (summarized) Net cash (used in provided by continuing operations From the Notes to the Financial Statements Accumulated depreciation on property, plant, and equipment $ 880 $ 445 289 208 (1,618) (241) 265 190 (256) 644 $ 1,178 $ 1,023 Required: 1. Compute the cost of the property, plant, and equipment at the end of the current year. (Enter answer values in million of dollars.) 2. What was the approximate age of the property, plant, and equipment at the end of the current year? (Round final answer to one decimal place.) 3. Compute the fixed asset turnover ratio for the current year. (Round your answer to 1 decimal place.) 4. What is "excess of cost over fair value of assets acquired"? 5. On the consolidated statement of cash flows, why are the depreciation and amortization amounts added to income from continuing operations? million years times 1. Cost of the property, plant, and equipment 2. Approximate age of the property 3. Fixed asset turnover ratio 4. What is "excess of cost over fair value of assets acquired"? On the consolidated statement of cash flows, why are the 5. depreciation and amortization amounts added to income from continuing operations