(Learning Objective 4: Determining the sale price of property and equipment) FedEx Corporation reported the following for property and equipment (in millions, adapted):
|
Year End |
||
|
20X6 |
20X5 |
|
|
Property and equipment |
$24,074 |
$22,017 |
|
Accumulated depreciation |
(13,304) |
(12,080) |
During 20X6, FedEx paid $2,518 million for new property and equipment. Depreciation for the year totaled $1,548 million. During 20X6, FedEx sold property and equipment for cash of $64 million. How much was FedEx’s gain or loss on the sale of property and equipment during 20X6?