Refer to Allied’s balance sheets shown in Table 3.1. What was Allied’s total debt on December 31, 2020?

Table 3.1

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Allied Food Products: December 31 Balance Sheets (millions of dollars) Assets Current assets: Cash and equivalents Accounts receivable Inventories Total current assets Net fixed assets: Net plant and equipment (cost minus depreciation) Other assets expected to last more than a year Total assets Liabilities and Equity Current liabilities: Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total liabilities Common equity: Common stock (75,000,000 shares) Retained earnings Total common equity Total liabilities and equity 2021 $ 10 375 615 $1,000 1,000 0 $2,000 $ 60 140 110 $ 310 750 $1,060 $ 130 810 $940 $2,000 2020 $ 80 315 415 $ 810 870 0 $1,680 $ 30 130 60 $ 220 580 $ 800 $ 130 750 $ 880 $1,680