E1.15 (LO 3), AP Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2022 income statement and balance sheet. (All dollars are in millions.)

Identify financial statement components and prepare an income statement.

____ Retained earnings		$5,481		____ Bonds payable		$ 4,835
____ Cost of goods sold		7,184		____ Inventory		910
____ Selling and administrative expenses		3,390		____ Sales revenue		12,575
				____ Accounts payable		1,077
____ Cash		334		____ Common stock		105
____ Notes payable		44		____ Income tax expense		498
____ Interest expense		295

Instructions

a. In each case, identify whether the item is an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E).

b. Prepare an income statement for Kellogg Company for the year ended December 31, 2022.