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. Dollars in Millions Cost of property and equipment (beginning of year)$ 54,728 Cost of property and equipment (end of year)59,787 Capital expenditures during the year6,580 Accumulated depreciation (beginning of year)28,072 Accumulated depreciation (end of year)29,345 Depreciation expense during the year2,560 Cost of property and equipment sold during the year1,521 Accumulated depreciation on property sold1,287 Cash received on property sold165 Required: Reconstruct the journal entry for the disposal of property and equipment during the year. Compute the amount of property and equipment that United Presents wrote off as impaired during the year, if any. (Hint: Set up T-accounts.)