Response to the following problem:
At the end of 2001, Sprint Corporation, the telecommunications company, had total assets of $45.8 billion and total liabilities of $33.2 billion. Included among the assets were property, plant, and equipment with a cost of $48.8 billion and accumulated depreciation of $19.8 billion. During 2001, Sprint earned total revenues of $26.1 billion and had total expenses of $27.5 billion.
Required:
1. Show how Sprint Corporation would report property, plant, and equipment on its balance sheet at December 31, 2001.
2. How much was Sprint's owner's equity at December 31, 2001?
3. Did Sprint report net income or net loss on its 2001 income statement? Compute the amount.