A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Assets ces Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property.plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Ending Balance Beginning Balance $ 69 141 940 858 800 730 1,809 1,729 1,805 1,754 950 741 855 $2,664 1,013 $2,742 $ 320 $ 190 210 140 137 102 667 432 565 900 1,232 1,332 295 295 1,137 1,115 1,432 1,410 $2,664 $2,742 Burgess Company Income Statement (dollars in millions) Sales Coat of goods sold $4,600 3,140 Gross margin Selling and administrative expenses Met operating incone Nonoperating itenai Gain on sale of equipment Income before taxes Income taxes Bet income WITH 522 172 350 1,460 940 520 Seved Burgess also provided the following information: 1. The company sold equipment that had an original cost of $72 million and accumulated depreciation of $37 million. The cash proceeds from the sale were $37 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 4. The company did not complete any common stock transactions during the year.