Required information P3-6 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Evaluating the Net Profit Margin Ratio LO3-4, 3-5, 3-6 (The following information applies to the questions displayed below.) Following are account balances (in millions of dollars) from a recent StateEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year); Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock (50.10 par value) Balance Account $17,294 Receivables 13,006 Other current assets 1,597 Cash 278 Spare parts, supplies, and fuel 2,410 Other poncurrent liabilities 1,830 Other burrent liabilities 3,062 Additional Paid-in Capital 3 Balance $2,399 1.049 1,224 736 3.800 2,279 1,117 These accounts are not necessarily in good order and have normal debitor credit balances. Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning June 1 (the current year) a. Provided delivery service to customers, who paid $9,890 in cash and owed $35,904 on account, b. Purchased new equipment costing $3.774; signed a long-term note, c. Paid $11,264 cash to rent equipment and aircraft, with $5,686 for rent this year and the rest for rent next year. d. Spent $1,204 cash to repair facilities and equipment during the year. e. Collected $34,485 from customers on account. f. Repaid $320 on a long-term note (ignore interest) g. Issued 190 million additional shares of $0.10 par value stock for $33 (that's $33 million), h. Paid employees $13,526 for work during the year 1. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $11,664 cash. J. Used $7,300 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Pald $1.124 on accounts payable. 1. Ordered $122 in spare parts and supplies