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: Additional information from the accounting records: a. During 2024,$248.0 million of equipment was purchased to replace $200.0 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, Incorporated. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered os 5.5). Comparative balance sheots for 2024 and 2023, a statemont of income for 2024 . and additional information from the accounting records of hed. Incorporated, are provided below: Required: Prepare the T-account for Red, Incorporated. Note: Enter your onswers in millions rounded to 1 decimal ploce (i.e., 5,500,000 should be entered as 5.5). Adblitionat information from the dccounting recards. a. During 2024, $248.0 milion of equipment was purchased to replace $2000 milion of equipment (95.0\% depreciated sold at book value b. In order to maintain the usual policy of poying cash dividends of $50.0 million, it was necessary for Red to borrow $500 milion from ins bark 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: Additional information from the accounting records: a. During 2024,$248.0 million of equipment was purchased to replace $200.0 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, Incorporated. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered os 5.5). Comparative balance sheots for 2024 and 2023, a statemont of income for 2024 . and additional information from the accounting records of hed. Incorporated, are provided below: Required: Prepare the T-account for Red, Incorporated. Note: Enter your onswers in millions rounded to 1 decimal ploce (i.e., 5,500,000 should be entered as 5.5). Adblitionat information from the dccounting recards. a. During 2024, $248.0 milion of equipment was purchased to replace $2000 milion of equipment (95.0\% depreciated sold at book value b. In order to maintain the usual policy of poying cash dividends of $50.0 million, it was necessary for Red to borrow $500 milion from ins bark
