Question 3 [26 marks] The following are summaries from the income statements and balance sheets of Company X and Company Y COMPANY X Consolidated Balance Sheets (in millions) December 31 20 16 20 45 Assets Current assets: $634.0 $575.5 Cash and cash equivalents 2101.1 1,804.1 Accounts receivable, net of allowance 1,514.9 1,373.8 Inventories A29.9 A013 Other current assets Total current assets 1614.5 1.620.8 Property, plant, and equipment, net 24 670.8 Other long-term assets S6 713.9 6440.0 Total assets Liabilities and Stockholders' Equity Current liabilities: $205.7 $55.3 Current portion of long-term debt Notes payable 75.4 425.2 572.7 504.4 Accounts payable 1,054.2 765.3 Accrued liabilities 1072 83.0 Income taxes payable 1.8332 Total current liabilities 2,015.2 708.01 7678 Long-term liabilities 27232 26010 Total liabilities Stockholders' equity Common stock 2.8 2.8 Contributed capitain excess of par value 589.0 538.7 00,6 511 Unearned stock compensation E39.7I 192.41 Accumulated other comprehensive loss Retained earnings RA6392 RM49501 9907 RM839od Total stockholders' equity S6 Total liabilities and stockholders' equity 6,713.9 6,440.0 Question 3 [26 marks] The following are summaries from the income statements and balance sheets of Company X and Company Y COMPANY X Consolidated Balance Sheets (in millions) December 31 20 16 20 45 Assets Current assets: $634.0 $575.5 Cash and cash equivalents 2101.1 1,804.1 Accounts receivable, net of allowance 1,514.9 1,373.8 Inventories A29.9 A013 Other current assets Total current assets 1614.5 1.620.8 Property, plant, and equipment, net 24 670.8 Other long-term assets S6 713.9 6440.0 Total assets Liabilities and Stockholders' Equity Current liabilities: $205.7 $55.3 Current portion of long-term debt Notes payable 75.4 425.2 572.7 504.4 Accounts payable 1,054.2 765.3 Accrued liabilities 1072 83.0 Income taxes payable 1.8332 Total current liabilities 2,015.2 708.01 7678 Long-term liabilities 27232 26010 Total liabilities Stockholders' equity Common stock 2.8 2.8 Contributed capitain excess of par value 589.0 538.7 00,6 511 Unearned stock compensation E39.7I 192.41 Accumulated other comprehensive loss Retained earnings RA6392 RM49501 9907 RM839od Total stockholders' equity S6 Total liabilities and stockholders' equity 6,713.9 6,440.0