The 2007 annual report of Minnesota Mining and Manufacturing (3M) included the following information (all dollar amounts
Question:
1. Using only the net PP&E figures, estimate the book value of the property, plant, and equipment that was sold during the year.
2. Using the individual PP&E and accumulated depreciation accounts, estimate the gain or loss on the disposal of property, plant, and equipment during theyear.
Transcribed Image Text:
2007 2006 From the balance sheet Property. plant, and equipment (net) Depreciation Purchases of property. plant and equipment outflow $ 6,582 747 (1.422) $ 5,907 From the statement of cash flows- operating 854 From the statement of cash flows-Investing: (1,168) 49 Proceeds from sale of PP&E and other assets Inflow 103 From the notes to the financial statements Property, plant, and equipment, at cost Accumulated depreclation 7,017 11.110 18,390 11,808
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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