Required information [The following information applies to the questions displayed below.] Following are account balances (in millions of dollars) from a recent FedEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year): Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par value) Balance $13,894 Account Balance Receivables $1,549 9,606 1,257 Other current assets Cash 879 884 108 Spare parts, supplies, and fuel 394 2,070 Other noncurrent liabilities 3,290 1,490 2,552 Other current liabilities Additional Paid-in Capital 1,939 607 These accounts are not necessarily in good order and have normal debit or credit balances. Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning June 1 (the current year): a. Provided delivery service to customers, who paid $1,390 in cash and owed $24,704 on account. b. Purchased new equipment costing $3.434; signed a long-term note c. Paid $7.864 cash to rent equipment and aircraft, with $3136 for rent this year and the rest for rent next year d. Spent $864 cash to repair facilities and equipment during the year e Collected $24,285 from customers on account f. Repaid $150 on a long-term note (ignore interest). g. Issued 20 million additional shares of $0.10 par value stock for $16 (that's $16 million). h. Paid employees $9.276 for work during the year. 1. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $6,564 cash. j. Used $6,450 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $784 on accounts payable 1. Ordered $88 in spare parts and supplies.