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A comparative balance sheet and an income statement for Rowan Company are given below Rowan Company Comparative Balance Sheet (dollars in milliona) Ending Beginning Balance Balance Assets current as 0t0: Cash and cash equivalents $ 70 91 572 580 536 620 ,226 1,719 Accounts receivable Inventory Total current assets Property, plant, and equipment 1,656 Leas aceumulated depreciation Net property, plant, and equipnent Total assets Liabilities and Stockholders Equity Current liabilities: 1,0791.176 $2,305 2,419 205 180 105 Accounta payable 94 72 Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total 1iabilities Stockholders' equityi 310 800 954 800 936 1,7541.736 $2,305 2,419 Common stock Retained earnings Total stockholders equity Total liabilities and stockholders' equity Rowan Company Incone Staterent For the Year Ended December 31 (dollars in millions) Sales Cost of goods sold Gross margin Selling and ad inistrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxeB Net income $4,350 3,470 880 820 60 64 $ 42 Rowan also provided the following information: 1. The company sold equipment that had an original cost of $16 million and accumulated depreciation of $9 million. The cash proceeds from the sale were $11 million. The gain on the sale was $4 million. 2. The company did not issue any new bonds during the year 3. The company paid a cash dividend during the year 4. The company did not complete any common stock transactions during the ycar