Chapter $8$: CP$8-7$

Using Financial Reports: Inferring the Sale of Assets

Eastman Kodak is a global technology company focused on print and advanced materials and chemicals, which provides hardware and software, consumables and services primarily to customers in commercial print, packaging, publishing, manufacturing and entertainment$$ In recent annual report, the cost of property, plant and equipment at the end of the current year was $$604$ million. At the end of the previous year, it had been $$611$ million. During the current year, the company bought $$15$ million worth of new equipment. The balance of accumulated depreciation at the end of the current year was $$423$ million; at the end of the previous year, it was $$395$ million. Depreciation expense for the current year was $$48$ million. The company reported a $$13$ million gain on the disposition of the property, plant and equipment. There were no important impairment losses during the current year.

Required: What amount of proceeds $($in millions of dollars$)$ did Eastman Kodak receive when it sold property, plant and equipment during the current year? $($Hint: Set up a T$-$accounts$).$