Eastman Kodak is “a global commercial printing and imaging company with proprietary technologies in materials science, digital imaging science and software, and deposition processes.” In a recent annual report, the cost of property, plant, and equipment at the end of the current year was $708 million. At the end of the previous year, it had been $686 million. During the current year, the company bought $38 million worth of new equipment. The balance of accumulated depreciation at the end of the current year was $394 million; at the end of the previous year it was $344 million.

Depreciation expense for the current year was $62 million. The company reported an $8 million gain on the disposition of property, plant, and equipment. There were no impairment losses during the current year.

Required:

What amount of proceeds (in millions of dollars) did Eastman Kodak receive when it sold property, plant, and equipment during the current year? (Hint: Set up T accounts.)