A comparative balance sheet and an income statement for Burgess Company are given below: 12 Burgess Company Comparative Balance Sheet (dollars in millions) Ending Beginning Balance Balance Assets Current assets: Cash and cash equivalents $ 63 880 770 1,713 1,745 914 831 $ 129 804 706 1,639 1,700 723 977 points Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property,plant, and equipment Total assets Liabilities and Stockholders' Equity eBook $2,544 $2,616 Current liabilities: $ 308 204 125 637 535 1,172 s 184 146 96 426 840 1,266 References Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: 265 1,107 1,372 $2,544 265 1,085 1,350 $ 2,616 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Burgess Company Income Statement (dollars in millions) Sales Cost of goods sold Gross marqin Selling and administrative expenses Net operating income Nonoperating items: $4,420 3,020 1,400 928 472 Gain on sale of equipment Income before taxes Income taxes Net income 474 160 $ 314 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $60 million and accumulated depreciation of $31 million. The cash proceeds from the sale were $31 million. The gain on the sale was $2 million. 2. The company did not issue any new bonds during the year. 3. The company paid a cash dividend during the year