Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below:

RED, INCORPORATED
Comparative Balance Sheets
December 31, 2024 and 2023 ($ in millions)
	2024	2023
Assets
Cash	$ 36.0	$ 135.0
Accounts receivable	162.0	122.0
Prepaid insurance	14.0	7.0
Inventory	272.0	164.0
Buildings and equipment	368.0	320.0
Less: Accumulated depreciation	(72.0)	(224.0)
	$ 780.0	$ 524.0
Liabilities
Accounts payable	$ 82.0	$ 96.0
Accrued liabilities	8.0	15.0
Notes payable	50.0	0.0
Bonds payable	175.0	0.0
Shareholders Equity
Common stock	400.0	400.0
Retained earnings	65.0	13.0
	$ 780.0	$ 524.0

RED, INCORPORATED
Statement of Income
For Year Ended December 31, 2024
($ in millions)
Revenues
Sales revenue		$ 1,880.0
Expenses
Cost of goods sold	$ 1,316.0
Depreciation expense	38.0
Operating expenses	424.0	1,778.0
Net income		$ 102.0

Additional information from the accounting records:

1. During 2024, $248.0 million of equipment was purchased to replace $200.0 million of equipment (95.0% depreciated) sold at book value.
2. 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, Incorporated.

Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).

\begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Cash (Statement of Cash Flows) } \\ \hline Beginning Balance & & & \\ \hline Operating Activities: & & & \\ \hline & & & \\ \hline & & & \\ \hline Investing Activities: & & & \\ \hline & & & \\ \hline \hline & & & \\ \hline \hline & & & \\ \hline Financing Activities: & & & \\ \hline & & & \\ \hline \hline & & & \\ \hline \hline \end{tabular}