Maritime Marine Services
Selected Data from the Financial Statements for the Years

question 51

Essay

Maritime Marine Services
Selected data from the financial statements for the years ended December 31,2014 and 2013,are presented below:
$\begin{array}{lll} \text { (in thousands) }&\underline{ 2014 }&\underline{ 2013 }\\\text { Property, plant and equipment } &\$ 14,100 & \$ 12,20 \\\text { Accumulated depreciation } &4,900 & 4,700 \\\text { Investuments } &450 & 240 \\\text { Short-term debt } &55 & 57 \\\text { Long-term debt } &1,500 & 1,200 \\\text { Common stock } &597 & 567 \\\text { Treasuy-common stock } &(21) & (21) \\\text { Retained earnings } &3,522 & 3,426 \\\text { Net income } &770 & 713\end{array}$
-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 . Refer to Maritime Marine Services.Assuming that the book value of the property,plant and equipment disposed of during 2014 was $90,what were the cash proceeds from the disposal?

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