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) Assets Cash Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Accrued liabilities Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings 2021 2020 $ 32 $ 153 175 141 9 5 388 184. 418 359 (128) (249) $ 806 $ 593 $ 96 $ 118 8 12 59 175 409 409 59 54 $ 806 $ 593 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 $2,090 $1,361 69 596 2,026 $ 64