HWCh21 Help Save & Exit Submit Check my work 5 Required information [The following information applies to the questions displayed below.) Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional Information from the accounting records of Red, Inc., are provided below. Part 1 of 2 9.09 points Skipped Bonk RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2821 zeze Assets Cash $ 50.7 $ 174.2 Accounts receivable 187.6 136. Prepaid insurance 10.8 5.8 Inventory 254. 124.0 Buildings and equipment 450.0 380. Less: Accumulated depreciation (136.0) (266.) $ 816.5 $ 554.@ Liabilities Accounts payable $97. $ 119.5 Accrued liabilities 10.5 19.5 Notes payable 100.0 @.@ Bonds payable 158.8 9.6 Shareholders' Equity Common stock 480. 400. Retained earnings 59.0 24.0 $ 816.5 $ 554.9 Print 0 References RED, INC. Statement of Income For Year Ended December 31, 2621 ($ in millions) Revenues Sales revenue $2,7ee. Expenses Cost of goods sold $1,971.@ Depreciation expense se.e Operating expenses 534.6 2,565.2 Net income $ 135.0 HWCh21 i Saved Help Save & Exit Submit Check my work 5 Additional information from the accounting records: Part 1 012 a. During 2021, $270.0 million of equipment was purchased 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 $1000 million, it was necessary for Red to borrow $1000 million from its bank. 9.09 points Skipped Required: Prepare the T-account for Red, Inc. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) eBook Cash (Statement of Cash Flows) Beg. Bal. Operating Activities: Print References Investing Activities: Financing Activities: End. Bal. NCh21 Saved Help Save & Exit & Submit Check my work 5 Required information Accounts Receivable Prepaid Insurance art 1 of 2 Beg. Bal Beg. Bal 09 ints End. Bal End. Bal Skipped Inventory Buildings and Equipment Beg. Bal Beg, Bal eBook End, Bal End. Bal Accumulated Depreciation Accounts Payable Print Beg. Bal Beg. Bal Q Reterences End. Bal End. Bal Accrued Liabilities Notes Payable Beg. Bal Beg. Bal End. Bal End. Bal Bonds Payable Sales Beg. Bal Beg. Bal End. Bal End. Bal