Maritime Marine ServicesSelected data from the financial statements for the years ended December 31, 2020 and 2019, are presented below:
(In millions)2020
2019
Property, plant and equipment$14,100
$12,200
Accumulated depreciation4,900
4,700
Investments450
240
Short-term debt55
57
Long-term debt1,500
1,200
Common stock597
567
Treasury--common stock(21)
(21)
Retained earnings3,522
3,426
Net income770
713
The following additional information was obtained from the company's records:
1.Cash additions to property, plant, and equipment during 2020 were $2,300. An additional $250 of plant assets were acquired through debt in a noncash transaction. Depreciation expense for 2020 was $400. Gains on disposals of property, plant and equipment during 2020 were $40. 2.The cash proceeds from the sale of investments in 2020 was $120. There was a $30 gain on the sale of the investments. 3.Proceeds from long-term debt issued during 2020 was $200. 4.The issuance of common stock totaled $30 in 2020.Refer to Maritime Marine Services. What was the cost of the property, plant and equipment which was disposed of during 2020?
What will be an ideal response?
$650$12,200 (Property, plant, and equipment--2019) + $2,300 (Additions during 2020) + $250 (Non cash plant assets acquisitions) ? $14,100 (Property, plant and equipment--2020) = $650
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