Maritime Marine Services Selected data from the financial statements for the yea

Question

Maritime Marine Services

Selected data from the financial statements for the years ended December 31, 2014 and 2013, are presented below:

The following additional information was obtained from the company's records:

Refer to Maritime Marine Services. What was the amount of accumulated depreciation on the property, plant and equipment disposed of during 2014 (in millions)?

$

Maritime Marine Services

Selected data from the financial statements for the years ended December 31, 2014 and 2013, are presented below:

(In millions) 2014 2013 Property, plant and equipment $14,100 $12,200 Accumulated depreciation 4,900 4,700 Investments 450 240 Short-term debt 55 57 Long-term debt 1,500 1,200 Common stock 597 567 Treasury--common stock (21) (21) Retained earnings 3,522 3,426 Net income 770 713

The following additional information was obtained from the company's records:

1. Cash additions to property, plant, and equipment during 2014 were $2,300. An additional $250 of plant assets were acquired through debt in a noncash transaction. Depreciation expense for 2014 was $400. Gains on disposals of property, plant and equipment during 2014 were $40. 2. The cash proceeds from the sale of investments in 2014 was $120. There was a $30 gain on the sale of the investments. 3. Proceeds from long-term debt issued during 2014 was $200. 4. The issuance of common stock totaled $30 in 2014.

Explanation / Answer

$ Cost of Property, Plant & Equipment on 2013        12,200 Add: Cash additions           2,300 Add: Non-Cash additions              250 Total        14,750 Less: Cost of Property, Plant & Equipment on 2014        14,100 Cost of Property, Plant & Equipment Sold on 2013              650 $ Accumulated depreciation on 2013           4,700 Depreciation for the year 2014              400 Total           5,100 Accumulated depreciation on 2014           4,900 Accumulated depreciation for disposed property, plant & equipment              200

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.