Part B: Part B: Sparty Goods reported the following on its 12/31/2019 balance sheet: In millions Property and Equipment, at cost Less: Accumulated Depreciation Property and equipment, net 12/31/2019 $14,500 6,000 $8,500 12/31/2018 $13,000 5,000 $8,000 Assume in 2019, Sparty had no asset impairment write-offs but did buy and some sell property and equipment. The property and equipment that it sold in 2019 for $550 million had originally cost Sparty $800 million and Sparty recognized a $80 million gain on the sale. Required: 1. What was the amount of depreciation expense recorded in 2019? Hint: you need to figure out how much accumulated depreciation there was on the property and equipment sold in 2019. 2. Assume Sparty mistakenly recognized depreciation expense that was half of what it should have been in 2019. Indicate the effect of the error (i.e., over or understated) on the following ratios as of 12/31/2019: a. EPS b. Fixed asset turnover c. Current ratio