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 Common stock Shareholders' Equity Retained earnings 2021 2020 $ 38 215 $ 110 146 13 7 280 200 428 364 (133) (254) $ 841 $ 573 $ 101 $ 128 12 17 64 0 150 0 414 414 100 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