Navigate to the website of Johnson & Johnson ( and locate the most recent annual report. Annual reports are usually located in a section titled Investor Relations, Investor Information, etc. Using the report, locate information on the company’s capital expenditures for the last three years. What is the trend? Is the company spending more or less on capital expenditures? In addition, locate the company’s policy on property, plant, and equipment and depreciation. Identify the depreciation method and other significant policies.

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