ABC Ltd. reported the following income statement and balance sheet related information in 2020. The firm is subject to 30% statutory tax rate. 2020 income statement (in millions of dollars) Sales 4280 Operating Expenses to Generate Sales (2805) Loss from Real estate partnership (170) Loss from Asset impairment (100) Interest Income 90 Interest Expense (300) 995 Income Tax Expense (270) Net Income 725 2020 Balance sheet information (in millions of dollars) counts Payable 1,800 Trade Receivable 1,290 Common Equity 1,668 Property Plant and Equipment 4,351 Accrued Expenses 1,320 Cash Equivalents 753 Deferred tax liability 1,120 Working Cash 65 Preferred Stock 750 Inventory 4,314 Financing debt 4,320 Debt securities 500 Required: a) Reformulate the income statement to obtain 'Operating income from sales after tax' (10 marks) b) Produce a reformulated balance sheet using the above balance sheet information