The managerial accountant at the Willow Springs Family Farm is required to complete the statement of cash flows. The managerial accountant is required to determine the amount of money the company used to purchase property, plant, and equipment (PP&E) during the year. The balance of PP&E at the beginning of the year is $1,350,000 and the balance of PP&E at the end of the year is $2,450,000. The managerial accountant reviewed the general journal and noticed that the original cost of equipment sold during the year was $60,000. Using the following information, calculate the amount of cash the company paid in cash to purchase new property, plant, and equipment during the year: Beginning balance, PP&E Plus: Purchases of PP&E Less: Original cost of equipment sold Ending balance, PP&E $1,350,000 ? (60,000) $2,450,000 A. $1,350,000 B. $60,000 C. $2,450,000 OD. $1,160,000