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 $ 34.0 $ 127.0 Accounts receivable 175.0 128.0 Prepaid insurance 14.5 7.5 Inventory 292.0 170.0 Buildings and equipment 417.0 355.0 Less: Accumulated depreciation (168.0) (249.0) $ 764.5 $ 538.5 Liabilities Accounts payable $ 93.0 $ 113.0 Accrued liabilities 3.5 5.5 Notes payable 50.0 0.0 Bonds payable 110.0 0.0 Shareholders' Equity Common stock 400.0 400.0 Retained earnings 108.0 20.0 $ 764.5 $ 538.5 RED, INC. Statement of Income For Year Ended December 31, 2021 ($ in millions) Revenues Sales revenue $2,300.0 Expenses Cost 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 (i.e., 5,500,000 should be entered as 5.5).)