Exercise 1 - 1 1 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 2017 income statement and balance sheet . ( All dollars are in millions . ) Retained earnings $5, 481 Cost of goods sold 7, 184 Selling and administrative expenses 3, 390 Cash 334 Notes payable $4 Interest Expense 295 Bonds payable* $, $35 Inventory 910 Sales revenue 12, 575 Accounts payable 1 , 07 7 Common stock 105 Income tax EXPENSE $98 In each case , identify whether the item is an asset , liability , stockholders' equity' , revenue , or EXPENSE . Stockholders' Equity*\\ Retained Earnings EXPENSE Cost of goods sold EXPENSE Selling and administrative EXPENSES* $ ASSET Cash Liability* # Notes payable EXPENSE Interest EXPENSE Liability Bonds payable ASSET InventoryAsset Liability Notes payable Expense Interest expense Liability Bonds payable Asset Inventory Revenue Sales revenue Liability Accounts payable Stockholders' Equity Common stock + Expense Income tax expense Prepare an income statement for Kellogg Company for the year ended December 31, 2017. (Enter amounts in millions, e.g. 45.) Kellogg Company Income Statement For the Year Ended December 31, 2017 (in millions) Revenues Sales Revenue S 12575 Expenses Cost of Goods SoldKellogg Company Income Statement For the Year Ended December 31, 2017 (in millions] Revenues Sales Revenue S 12575 Expenses Cost of Goods Sold Selling and Administrative Expenses Interest Expense incom Total Expenses Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work