Norfolk Southern Corporation, one of the nations premier transportation companies, reported the following amounts in the asset
Question:
Norfolk Southern Corporation, one of the nation’s premier transportation companies, reported the following amounts in the asset section of its balance sheets for the years ended December 31, 2016 and 2015:
In addition, information from the 2016 statement of cash flows and related notes reported the following items ($ in millions):
Depreciation.........................................................$1,030
Additions to property and equipment..........1,887
Sales price of property and equipment..........130
Required:
For what amount was the sales price above book value of property and equipment sold for the year ended December 31, 2016?
Step by Step Answer:
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas