Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ( in millions) 2018 2017 Assets Cash Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation 30 122 190 13 254 455 138 181 356 817 560 $ 97 112 _(125) (246 Liabilities Accounts payable Accrued expenses payable Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings 21 12 56 162 406 84 406 21 $ 817 560 RED, INC. Statement of Income For Year Ended December 31, 2018 (s in millions) Revenues Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses Net income $2,080 $1,444 31 4861,961 $119