Using Financial Reports: Inferring the Sale of Assets
A recent annual report for Eastman Kodak reported that the cost of property, plant, and equipment at the end of the current year was $6,805 million. At the end of the previous year, it had been $7,327 million. During the current year, the company bought $254 million worth of new equipment. The balance of accumulated depreciation at the end of the current year was $5,254 million; at the end of the previous year it was $5.516 million. Depreciation expense for the current year was $420 million. The company reported a $14 million gain on the disposition of property, plant, and equipment.
Required:
What amount of proceeds did Eastman Kodak receive when it sold property, plant, and equipment during the current year?(Hint: Set up T-accounts.)
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