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	$	36.5			$	142.5
Accounts receivable		164.0				123.0
Prepaid insurance		7.5				3.5
Inventory		277.0				165.0
Buildings and equipment		362.0				310.0
Less: Accumulated depreciation		(48.0	)			(217.0	)
	$	799.0			$	527.0
Liabilities
Accounts payable	$	81.0			$	96.0
Accrued liabilities		9.0				17.0
Notes payable		40.0				0.0
Bonds payable		250.0				0.0
Shareholders Equity
Common stock		400.0				400.0
Retained earnings		19.0				14.0
	$	799.0			$	527.0

RED, INC. Statement of Income For Year Ended December 31, 2021
($ in millions)
Revenues
Sales revenue				$	1,700.0
Expenses
Cost of goods sold	$	1,190.0
Depreciation expense		40.0
Operating expenses		425.0			1,655.0
Net income				$	45.0

Additional information from the accounting records:

1. During 2021, $272.0 million of equipment was purchased to replace $220.0 million of equipment (95.0% depreciated) sold at book value.
2. In order to maintain the usual policy of paying cash dividends of $40.0 million, it was necessary for Red to borrow $40.0 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).)