Sparty Goods reported the following on its 12/31/2018 balance sheet:

In millions	12/31/2018	12/31/2017
Property and Equipment, at cost	$14,500	$12,000
Less: Accumulated Depreciation	$6,000	$5,000
Property and equipment, net	$8,500	$7,000

1.) What was the amount of depreciation expense recorded in 2018?

2.) Assume Sparty mistakenly recognized depreciation expense that was half of what it should have been in 2018. Indicate the effect of the error (i.e., over or understated) on EPS, Fixed Asset Turnover, and Current Ratio as of 12/31/2018: