Analysis of Transactions Nike, Inc. had the following condensed balance sheet on August 31, 2003 ($ in millions):

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Assets Liabilities and Owners' Equity Cash $ 998 Inventories 1,480 Property, plant, & equipment 1,564 Total liabilities $2,743 Other assets 2,918 Owners' equity 4,217 Total liabilities and Total assets $6,960 owners' equity $6,960 Suppose the following transactions occurred during the first 3 days of September ($ in millions): 1. Nike acquired inventories for cash, $17. 2. Nike acquired inventories on open account, $19. 3. Nike returned for full credit, $4, some unsatisfactory shoes that it acquired on open account in August. 4. Nike acquired $12 of equipment for a cash down payment of $3, plus a 2-year promissory note of $9. 5. To encourage wider displays, Nike sold some special store equipment to New York area stores for $40 cash. The equipment had cost $40 in the preceding month.