A recent annual report for Eastman Kodak reported that the cost of property, plant, and equipment at
Question:
A recent annual report for Eastman Kodak reported that the cost of property, plant, and equipment at the end of the current year was $5,485 million. At the end of the previous year, it had been $6,022 million.
During the current year, the company bought $128 million worth of new equipment. The balance of accumulated depreciation at the end of the current year was $4,590 million; at the end of the previous year it was $4,985 million. Depreciation expense for the current year was $253 million. The company reported an $80 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?
Step by Step Answer:
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short