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Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below:

RED, INCORPORATEDComparative Balance SheetsDecember 31, 2024 and 2023 ($ in millions) 20242023Assets Cash$ 44.0$ 115.0Accounts receivable168.0131.0Prepaid insurance6.04.0Inventory263.0161.0Buildings and equipment374.0332.0Less: Accumulated depreciation(131.0)(232.0) $ 724.0$ 511.0Liabilities Accounts payable$ 85.0$ 95.0Accrued liabilities4.07.0Notes payable50.00.0Bonds payable145.00.0Shareholders Equity Common stock400.0400.0Retained earnings40.09.0 $ 724.0$ 511.0RED, INCORPORATEDStatement of IncomeFor Year Ended December 31, 2024($ in millions)Revenues Sales revenue $ 1,780.0Expenses Cost of goods sold$ 1,246.0 Depreciation expense32.0 Operating expenses421.01,699.0Net income $ 81.0

Additional information from the accounting records:

1. During 2024, $182.0 million of equipment was purchased to replace $140.0 million of equipment (95.0% depreciated) sold at book value.
2. In order to maintain the usual policy of paying cash dividends of $50.0 million, it was necessary for Red to borrow $50.0 million from its bank.

Required:

Prepare the T-account for Red, Incorporated.

Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)