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 millions) December 31, 2016 December 31, 2015 Property and equipment, net $29,751 $28,992

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? 

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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-1260481952

10th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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