Please explain and show step by step how you did it.

6. Reformulate the following balance sheet and income statement for a manufacturing concern. Amounts are in millions. The firm bears a 36 percent statutory tax rate. (6) a Balance Sheet $1,245 1,549 712 Assets Liabilities and Equity Operating cash 23 Accounts payable Cash equivalents 435 Accrued expenses Accounts receivable 1,827 Deferred tax liability Inventory 2,876 Long-term debt Property, plant, and equipment 3,567 Preferred stock Common equity 3,678 432 1, 112 Total assets 8,728 Liabilities and Equity 8,728 Income Statement Revenues $7,493 6,321 221 951 Operating expenses Interest expense Income before tax Income tax Net income Preferred dividends Net income available to common 295 656 26 630