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: CONSOLIDATED BALANCE SHEETS (s in millions) Current Year Prior Year ASSETS Property and Equipment Land and buildings $ 755 $ 716 Leasehold improvements 2,018 Fixtures and equipment 1,740 4,070 3,043 Property under capital lease 130 58 6,973 5,557 Less accumulated depreciation 2,778 2,291 Net property and equipment 4,195 3,266 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.) Dopociation expense million {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: Prior Year CONSOLIDATED BALANCE SHEETS ($ in millions) Current Year ASSETS Property and Equipment Land and buildings $ 755 Leasehold improvements 2,018 Fixtures and equipment 4,070 Property under capital lease 130 6,973 Less accumulated depreciation 2,778 Net property and equipment $ 716 1.740 3,043 58 5,557 2,291 3,266 4,195 inces 2. Assume that Fausett Electronics failed to record depreciation during the current year. Indicate the effect of the error (l.e, overstated or understated) on the following ratios (Select "NE" If there is no effect.) a. Earnings per share Fixed assotturnover c Current ratio Return on assets