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The Gorge, Incorporated, is a global retailer of apparel, accessories, and personal care products for women, men, and children. The Company operates approximately 4,100 stores
The Gorge, Incorporated, is a global retailer of apparel, accessories, and personal care products for women, men, and children. The Company operates approximately 4,100 stores across the globe, as well as online. The following is a note from a recent annual report: Note 2. Additional Financial Statement Information Property and Equipment Property and equipment are stated at cost less accumulated depreciation and consist of the following: ($ in millions) Current Year Prior Year Leasehold improvements $ 2,963 $ 3,304 Furniture and equipment 3,002 2,812 Software 1,706 1,565 Land, buildings, and building improvements 1,488 1,163 Construction-in-progress 242 203 Property and equipment, at cost 9,401 9,047 Less: Accumulated depreciation (6,039) (5,955) Property and equipment, net of accumulated depreciation $ 3,362 $ 3,092 Required: 1. Assuming The Gorge, Incorporated, had no asset impairment write-offs and sold property, plant, and equipment in the most recent year with a cost of $588 million and an accumulated depreciation of $459 million, what was the amount of depreciation expense recorded in the current year
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