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Required information [The following information applies to the questions displayed below) Fausett Electronics, Inc, headquartered in Richfield, Minnesota, is one of the leading consumer electronics
Required information [The following information applies to the questions displayed below) Fausett Electronics, Inc, headquartered in Richfield, Minnesota, is one of the leading consumer electronics retailers operating more than 1,000 stores across the globe. The following was reported in a recent annual report is in millions) CONSOLIDATED BALANCE SHEETS Current Year Prior Year ASSETS Property and Equipment Land and buildings $ 769 $ 716 Leasehold improvements 2,021 1,742 Fixtures and equipment 4,070 3,054 Property under capital lease 110 53 6,97 5,565 Less accumulated depreciation 2.280 2,301 Net property and equipment 4,198 3,264 Required: 1. Assuming that Fausett Electronics did not sell any property, plant, and equipment in the current year, what was the amount of depreciation expense recorded during the current year? (Enter your answer in millions.) Deprecation expense millon
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