Reference no: EM131533990
Question: Volkswagen Group reports the following information for property, plant and equipment as of December 31, 2008, along with additions, disposals, depreciation, and impairments for the year ended December 31, 2008 (euros in millions):
Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . €23,121
Additions to property, plant and equipment . . . . . . . . . . . . 6,651
Disposals of property, plant and equipment . . . . . . . . . . . . . 2,322
Depreciation on property, plant and equipment . . . . . . . . . 4,625
Impairments to property, plant and equipment . . . . . . . . . . 184
1. Prepare Volkswagen's journal entry to record its depreciation for 2008.
2. Prepare Volkswagen's journal entry to record its additions for 2008 assuming they are paid in cash and are treated as "betterments (improvements)" to the assets.
3. Prepare Volkswagen's journal entry to record its €2,322 in disposals for 2008 assuming it receives €700 cash in return and the accumulated depreciation on the disposed assets totals €1,322.
4. Volkswagen reports €184 of impairments. Do these impairments increase or decrease the property, plant and equipment account? And, by what amount?
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