Use Whirlpool Corporation's financial statements to answer to the following questions. 1. According to the footnotes, what was the initial total acquisition cost of the Property, Plant, and Equipment that Whirlpool owns as of December 31, 2021? (1 point) 2. According to the footnotes, what is the total acquisition cost of Land that Whirlpool owns as of December 31, 2021? (1 point) 3. According to the footnotes, which of the following methods does Whirlpool use to depreciate its production machinery and equipment? (Circle one) (1 point) Straight-Line Double-Declining Balance Units-of-Activity 4. Provide the fiscal year 2021 adjusting journal entry (both accounts and amounts) that Whirlpool made to record depreciation on its Property and Equipment. Assume that Whirlpool makes one adjusting journal entry for depreciation expense at the end of each fiscal year as part of its adjusting entries. (3 points) 5. Does Whirlpool's Goodwill footnote suggest that the company acquired any other companies during fiscal year 2021? (Circle one) (1 point) YES NO 6. Does Whirlpool's Goodwill footnote suggest that the company acquired any other companies during fiscal year 2020? (Circle one) (1 point) YES NO 7. Provide the fiscal year 2021 diusting journal entry (both accounts and amounts) that Whirlpool made to record amortization on its finite-lived Intangible Assets. Assume that Whirlpool makes one adjusting journal entry for amortization expense at the end of each fiscal year as part of its adjusting entries. (3 points) Whirlpool Consolidated Balance Sheets In millions of dollars As of ASSETS Dec 31, 2021 Cash and cash equivalents $ 3.044 Accounts receivable, net of the allowance of $98 million 3,100 as of 12/31/2021 and 133 million as of 12/31/2020 Inventories 2,717 Prepaid and other current assets 834 Total current assets $.9.695 Property, plant, and equipment, net 2,805 Goodwill 2,485 Other intangible assets 2,927 Other long-term assets 2,373 Total assets S 20.285 As of Dec 31, 2020 $ 2,924 3,109 2,301 795 $ 9.129 3,199 2,496 3,183 2,429 $ 20.436 LIABILITIES AND STOCKHOLDER'S EQUITY Accounts payable Accrued liabilities Wages payable Current portion of long-term debt Other current liabilities Total current liabilities Long-term debt Other long-term liabilities Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 5,413 1,463 576 308 750 8,510 4,929 1,833 15,272 3,139 1,874 5,013 S 20,285 $ 4.834 1,468 648 310 1,070 8,330 5,059 2,252 15,641 3,036 1,759 4,795 $ 20,436 Notes to Consolidated Financial Statements (partial) 1.1 Description of Business Whirlpool Corporation, a Delaware corporation, manufactures products in 10 countries and markets products in nearly every country around the world under brand names such as Whirlpool, KitchenAid. Maytag. Consul, Brastemun, Amana, Bauknecht. Isandic Indesit. Xumusly and Hotpoint. We conduct our business through four operating segments, which we define based on geography. Whirlpool Corporation's operating and reportable segments consist of North America; Europe, Middle East and Africa ("EMEA"); Latin America and Asia. 1.13 Property, Plant, and Equipment Property is stated at cost, net of accumulated depreciation. For production machinery and equipment, we record depreciation based on units produced. For non-production assets, we depreciate costs based on the straight-line method. Depreciation expense for property was 5447million and $506 million in 2021 and 2020, respectively. The following table summarizes property and equipment (in millions): As of 12/31/2021 12/31/2020 Land 5484 $.92 Buildings 1,249 1,517 Machinery and equipment 8.091 8,370 Total property, plant and equipment 9,424 9,979 Accumulated depreciation (6,619) (6,780) Property, plant and equipment, net S 2.805 S.3.199 1.15 Goodwill and Other Intangible Assets We perform our annual impairment assessment for goodwill and other indefinite-lived intangible assets as of October 1st and more frequently if indicators of impairment exist. We perform a quantitative assessment of other indefinite-lived intangible assets, which are primarily comprised of trademarks. We estimate the fair value of these intangible assets using the relief-from-royalty method. Other definite-life intangible assets are amortized over their useful life and are assessed for impairment when impairment indicators are present There was no impairment of goodwill and no impairment of other intangibles in 2021 and 2020. The following reflects goodwill activity for fiscal 2021 and 2020 (in millions): Goodwill balance as of December 31, 2019 S 2,440 Acquisitions Other Goodwill balance as of December 31, 2020 S 2.496 Acquisitions 120 Goodwill balance as of December 31, 2021 Amortization expense for finite-lived intangible assets was $47 million and 562 million in 2021 and 2020, respectively 0 56 9 Other 52.485