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Following are selected account balances (in millions of dollars) from a recent UPS annual report, followed by several typical transactions. Assume that the following are

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Following are selected account balances (in millions of dollars) from a recent UPS annual report, followed by several typical transactions. Assume that the following are account balances on December 31 (end of the prior fiscal year): These accounts are not necessarily in good order and have normal debit or credit balances. (Note: Because these are not all of UPS's accounts, these will not balance in a trial balance.) Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning January 1 (the current year): a. Provided delivery service to customers, who pald $13,390 in cash and owed $41,504 on account. b. Purchased new equipment costing \$3,914; signed a long-term note. c. Paid $12,664 cash to rent equipment and aircraft, with $6,736 for rent this year and the rest for rent next year (a prepaid expense). d. Spent $1,344 cash to repair facilities and equipment during the year. e. Collected $38,685 from customers on account. f. Repaid $390 on a long-term note (ignore interest). g. Issued 200 million additional shares of $0.01 par value stock for $40 (that's $40 million). h. Paid employees $15,276 for work during the year. 1. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $13,764 cash. j. Used $7,650 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $1,264 on accounts payable. 1. Ordered $136 in spare parts and supplies. Prepare an unadjusted income statement for the current year ended December 31. Note: Enter your answers in millions, not in dollars

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