ShipFaster Corporation provides a broad of transportation, e-commerce, and business services. ShipFaster reported the following information in its most recent annual report:
Requirements
1. Using the information provided from the balance sheet and statement of cash flows for ShipFaster, reconstruct the Property and Equipment and Accumulated Depreciation accounts. You will not have to account for individual asset categories, but only for the gross cost of property and equipment and accumulated depreciation. You will have to solve for the original gross cost and accumulated depreciation of the plant and equipment sold. Ignore business acquisitions for this part.
2. Prepare the journal entries to record total capital expenditures and total depreciation expense.
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