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[The following information applies to the questions displayed below.] Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below.

RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions)
	2021				2020
Assets
Cash	$	34.0			$	127.0
Accounts receivable		175.0				128.0
Prepaid insurance		14.5				7.5
Inventory		292.0				170.0
Buildings and equipment		417.0				355.0
Less: Accumulated depreciation		(168.0	)			(249.0	)
	$	764.5			$	538.5
Liabilities
Accounts payable	$	93.0			$	113.0
Accrued liabilities		3.5				5.5
Notes payable		50.0				0.0
Bonds payable		110.0				0.0
Shareholders Equity
Common stock		400.0				400.0
Retained earnings		108.0				20.0
	$	764.5			$	538.5

RED, INC. Statement of Income For Year Ended December 31, 2021
($ in millions)
Revenues
Sales revenue				$	2,300.0
Expenses
Cost of goods sold	$	1,610.0
Depreciation expense		52.0
Operating expenses		500.0			2,162.0
Net income				$	138.0

Additional information from the accounting records:

During 2021, $202.0 million of equipment was purchased to replace $140.0 million of equipment (95.0% depreciated) sold at book value.

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

\begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Cash (Statement of Cash Flows) } \\ \hline Beg. Bal. & & & \\ \hline Operating Activities: & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Investing Activities: & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Financing Activities: & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal. & & & \\ \hline \end{tabular}