Refine Assumptions for PPE Forecast Following are the income statement and balance sheet for Medtronic PLC. Medtronic PLC Consolidated Statement of Income For Fiscal Year Ended $ millions April 26, 2019 Net sales $28,785 Costs and expenses Cost of products sold 8,624 Research and development expense 2,195 Selling, general, and administrative expense 9,814 Amortization of intangible assets 1,662 Restructuring charges, net 187 Certain litigation charges, net 156 Other operating expense, net 243 Operating profit 5,904 Other nonoperating income, net (351) Interest expense 1,360 Income before income taxes 4,895 Income tax provision 515 Net income 4,380 Net income loss attributable to noncontrolling interests (18) Net income attributable to Medtronic $4,362 Medtronic PLC Consolidated Balance Sheet $ millions April 26, 2019 Current assets Cash and cash equivalents $4,138 Investments 5,139 Accounts receivable, net 5,861 Inventories, net 3,535 Other current assets 2,020 Total current assets 20,693 Property, plant, and equipment, net 4,404 Goodwill 37,641 Other intangible assets, net 19,368 Tax assets 1,431 Other assets 955 Total assets $84,492 Current liabilities Current debt obligations $789 Accounts payable 1,840 Accrued compensation 2,062 Accrued income taxes 534 Other accrued expenses 2,755 Total current liabilities 7,980 Long-term debt 23,066 Accrued compensation and retirement benefits 1,555 Accrued income taxes 2,673 Deferred tax liabilities 1,204 Other liabilities 713 Total liabilities 37,191 Shareholders equity Ordinary shares 0 Additional paid-in capital 24,995 Retained earnings 24,746 Accumulated other comprehensive loss (2,554) Total shareholders equity 47,187 Noncontrolling interests 114 Total equity 47,301 Total liabilities and equity $84,492 Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places. a. Use the financial statements along with the additional information below to forecast property, plant and equipment, net for fiscal year ended April 2020. $ millions April 27, 2018 Actual April 26, 2019 Actual April 2020 Forecast Net sales $28,216 $28,785 $33,002 CAPEX 1,006 1,134 Depreciation expense 773 895 Property, plant, and equipment, gross 9,664 10,920 Property, plant, and equipment, net ?? b. Suppose the company discloses in a press release that accompanies its year-end SEC filing that anticipated CAPEX for fiscal year ended April 2020 is as follows. Company anticipated CAPEX for fiscal year ended April 2020 $1,413 million Use this guidance to refine your forecast of property, plant and equipment, net for fiscal year ended April 2020. Property, plant, and equipment, net ??? in millions