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) 2022 2020 Assets Cash 34.0 $ 127.0 Accounts receivable 175.0 123.0 Prepaid insurance 24.5 7.5 Inventory 292.0 170.0 Buildings and equipment 417.0 355.0 Lost Accumulated (168.0) (249.0) depreciation 764.5 538.5 Liabilities Accounts payable 5 93.0 $ 113.0 Accrued abilities 3.5 5.5 Notes payable 50.0 0.0 Bonds payable 110.0 Shareholders' Equity Connon atook 100.0 400.0 Retained earnings 300.0 20.0 0766.5 0.0 RED, THC RED, INC. Statement of Income For Year Ended December 31, 2021 ($ in millions) Revendes Sales revenue $2,300.0 Expenses Coat of goods sold $1,610.0 Depreciation expense 52.0 Operating expenses 500.0 2, 162.0 Net income $ 138.0 Additional information from the accounting records a. During 2021. $202.0 million of equipment was purchased to replace $140.0 million of equipment (95.0% depreciated) sold at book value. b. In order to maintain the usual policy of paying cash dividends of $50.0 million, it was necessary for Red to borrow $50,0 million from its bank. Required: Prepare the T-account for Red, Inc. (Enter your answers in millions rounded to 1 decimal place (ie., 5,500,000 should be entered as 5.5)) Cash (Statement of Cash Flows) Beg Bal Operating Activities: Investing Activities: Financing Activities: End. Bal Required formation Accounts Receivable Beg Bal Prepaid Insurance Beg Bal End. Bal End. Bal Inventory Beg Bail Buildings and Equipment Beg Bal End Bal End. Accumulated Depreciation Beg Bal Accounts Payable Beg Bal End B End Bal Accrued Liabilities Notes Payable Beg Bal Beg Bai End Bal End. Bal Bonds Payable Sales Beg Bal Beg Bal End End Bal Cost of Goods Sold Buy Depreciation Experte Beg Bal End OM En Dal Operating Expenses Net Income (Income Summary) Beg Bal Beg Bal Net Income End Bal End. Bal Retained Earnings Common Stock Beg Bal Beg Bal End Du End Bal