Required information AP8-4(Algo) Inferring Depreciation Amounts and Determining the Effects of a Depreciation Error...
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Required information APAlgo Inferring Depreciation Amounts and Determining the Effects of a Depreciation Error on Key Ratios LO Skip to question The following information applies to the questions displayed below. The Gorge, Incorporated, is a global retailer of apparel, accessories, and personal care products for women, men, and children. The Company operates approximately stores across the globe, as well as online. The following is a note from a recent annual report: Note 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 $ $ Furniture and equipment Software Land, buildings, and building improvements Constructioninprogress Property and equipment, at cost Less: Accumulated depreciation Property and equipment, net of accumulated depreciation $ $ AP Part Required: Assuming The Gorge, Incorporated, had no asset impairment writeoffs and sold property, plant, and equipment in the most recent year with a cost of $ million and an accumulated depreciation of $ million, what was the amount of depreciation expense recorded in the current year? Note: Enter your answer in millions. I tried accumulated depreciatione of current year accumulated depreciation of pervious year and got as well, but that is not the correct answer.
Required information
APAlgo Inferring Depreciation Amounts and Determining the Effects of a Depreciation Error on Key Ratios LO
Skip to question
The following information applies to the questions displayed below.
The Gorge, Incorporated, is a global retailer of apparel, accessories, and personal care products for women, men, and children. The Company operates approximately stores across the globe, as well as online. The following is a note from a recent annual report:
Note 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 $ $
Furniture and equipment
Software
Land, buildings, and building improvements
Constructioninprogress
Property and equipment, at cost
Less: Accumulated depreciation
Property and equipment, net of accumulated depreciation $ $
AP Part
Required:
Assuming The Gorge, Incorporated, had no asset impairment writeoffs and sold property, plant, and equipment in the most recent year with a cost of $ million and an accumulated depreciation of $ million, what was the amount of depreciation expense recorded in the current year?
Note: Enter your answer in millions.
I tried accumulated depreciatione of current year accumulated depreciation of pervious year and got as well, but that is not the correct answer.
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