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Eastman Kodak reported that the cost of its PPE on December 31, 2010 was $6,805 million....

Eastman Kodak reported that the cost of its PPE on December 31, 2010 was $6,805 million. On January 1, 2010, it had been $7,327 million. Also, the balance of accumulated depreciation on December 31, 2010 was $5,254 million. On January 1, 2010, it had been $5,516 million. Depreciation expense for the fiscal year 2010 was $420 million. During 2010, the company bought new equipment with acquisition cost of $254 million worth. The company also sold PPE and reported a $14 million gain on selling PPE.

How much did Kodak sell its PPE for (sale price)?

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Answer #1

Sale price = 108 Million $.

Sale price has been calculated by making the following T-accounts for machinery and Accumulated Depreciation :

PPE
Particulars Dr. Particulars Cr.
Op Bal 7327 Acc Dep on sold machinery 682
Purchases 254 Cash a/c (Bal. fig) 108
Profit on sale of machinery 14
Cl Bal 6805
Total 7595 Total 7595
Accumulated Dep
Particulars Dr. Particulars Cr.
Op Bal 5516
Acc Dep on sold machinery 682 Dep 420
Cl Bal 5254
Total 5936 Total 5936
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