Required information P2-5 (Algo) Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 [The following information applies to the questions displayed below.] Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. The following is Orange's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). ASSETS Current assets: Cash ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) Short-term investments Accounts receivable $13,994 11,353 17,644 Inventories 2,130 Other current assets 24,096 Total current assets 69,217 Long-term investments 131,466 Property, plant, and equipment, net 20,831 Other noncurrent assets 12,650 Total assets $234,164 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,501 Accrued expenses 18,641 8,581 6,372 64,095 29,284 28,139 121,518 Unearned revenue Short-term debt Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 par value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity 24,912 87,733 112,646 $234,164 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,293 from banks due in two years. b. Purchased additional investments for $23,600 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,600 in cash and signed a short-term note for $1,438. d. Issued additional shares of common stock for $1,498 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,035 for $19,035 cash. f. Declared $11,154 in dividends to be paid at the beginning of the next fiscal year. P2-5 Part 4 Required: 4. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions. Note: Enter your answers in millions. Assets ORANGE INCORPORATED Total current assets Cash Balance Sheet At September 26, 2020 Short-term investments Accounts receivable Inventories Other current assets (in millions) 0 $ 0 Liabilities and stockholders' equity $ 0 0 0