In a recent 10-K report, United Presents Service states it "is the world's largest package delivery company, a leader in the U.S. less- than-truckload industry, and the premier provider of global supply chain management solutions." The following note and data were reported: NOTE 1-SUMMARY OF ACCOUNTING POLICIES Property, Plant and Equipment We review long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable based on the undiscounted future cash flows. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows, or external appraisals, as appropriate. Cost of property and equipment (beginning of year) Cost of property and equipment (end of year) Capital expenditures during the year Accumulated depreciation (beginning of year) Accumulated depreciation (end of year) Depreciation expense during the year Cost of property and equipment sold during the year Accumulated depreciation on property sold Cash received on property sold Required: Dollars in Millions $ 54,692 59,778 6,550 28,048 29,330 2,530 1,464 1,248 150 1. Reconstruct the journal entry for the disposal of property and equipment during the year. 2. Compute the amount of property and equipment that United Presents wrote off as impaired during the year, if any. (Hint: Set up T- accounts.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Reconstruct the journal entry for the disposal of property and equipment during the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 Record the disposal of property and equipment during the year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal >