Problem 2-17 Balance Sheet (LG2-1)

Mikey's Bar and Grill has total assets of $23 million, of which $17 million are current assets. Cash makes up 10 percent of the current assets and accounts receivable makes up another 40 percent of current assets. Mikey's gross plant and equipment has a book value of $18.5 million, and other long-term assets have a book value of $400,000.

What is the balance of inventory and the balance of depreciation on Mikeys Bar and Grills balance sheet? (Enter your answers in millions of dollars rounded to 1 decimal place.)