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: Assets Cashi RED, INCORPORATED Comparative Balance Sheets. December 31, 2024 and 2023 ($ in millions) 2024 2023 $ 36 $142 Accounts receivable Prepaid insurance Inventory 209 144 12 8 260 187 Buildings and equipment 424 362 Less: Accumulated depreciation (131) (252) $ 810 $ 591 Liabilities Accounts payable $ 99 $ 124 Accrued liabilities Notes payable Bonds payable Common stock Retained earnings 11 14 62 0 147 0 Shareholders Equity 412 412 79 41 $ 810 $591 Revenues RED, INCORPORATED Statement of Income For Year Ended December 31, 2024 Sales revenue Expenses ($ in millions). Cost of goods sold Depreciation expense Operating expenses Net income $ 2,200 $ 1,528 47 525 2,100 $ 100