December 31 2008 200/ Plant and equipment $ 750,000 $ 500,000 Accumulated depreciation (160,000) (200,000) Patents 92,000 80,000 Retained earnings (825,000) (675,000) Other information available for 2008 follows: a. Net income for the year was $200,000. in. Depreciation expense on plant and equipment was $50,000. c. Plant and equipment with an original cost of $150,000 were sold for $64,000 (you will need to determine the book value of the assets sold). d.Amortization expense on patents was $8,000. e.Both new plant and equipment and patents were purchased for cash during the year