Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash $ 38 Accounts receivable 215 $ 110 146 Prepaid insurance 13 7 Inventory 280 200 Buildings and equipment 428 364 Less: Accumulated depreciation (133) (254) $ 841 $ 573 Liabilities Accounts payable $ 101 $ 128 Accrued liabilities 12 17 Notes payable 64 0 Bonds payable 150 0 Shareholders' Equity Common stock 414 414 Retained earnings 100 14 $ 841 $ 573 RED, INC. Statement of Income For Year Ended December 31, 2021 Revenues ($ in millions) Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses Net income $2,140 $1,447 23 520 1,990 150