Required information [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 (5 in millions) 2021 2020 Assets Cash $18.9 5 136.0 Accounts receivable 162. 117.0 Prepaid insurance 12.5 6.5 Inventory 209. 169. Buildings and equipment 420.0 360.0 Less: Accumulated depreciation (1030) (252.0) 5 536.5 Liabilities Accounts payable $ 92.0 $111.0 Accrued liabilities 4.5 7.5 50.0 0.0 Notes payable Bonds payable 100.0 Shareholders' Equity Common stock 400.0 18.0 Retained earnings $ 753.5 0.0 400.0 107.0 REO, INC RED, INC. Statement of Income For Year Ended December 31, 2021 (5 in millions) Revenues Sales revenue $2,200.0 Expenses Cost of goods sold $1,584.0 Depreciation expense 48. Operating expenses 429,0 2,161.0 Net Income $ 139.0 Additional information from the accounting records a. During 2021, $220.0 million of equipment was purchased to replace $1600 million of equipment (95.0% deprecated) sold at book value. b. In order to maintain the usual policy of paying cash dividends of S500 million, it was necessary for Red to borrow $50.0 million from its bank Required: Prepare the Taccount for Red, Inc. (Enter your answers in millions rounded to 1 decimal place (i...,5,500,000 should be entered as 5.5).) Cash (Statement of Cash Flows) 1360 00 Rea Hal Required: Prepare the T-account for Red, Inc. (Enter your answers in millions rounded to 1 decimal place lie., 5.500,000 should be entered as 5.5).) Beg Bal Operating Activities: Cash (Statement of Cash Flows) 1360 0.0 Investing Activities: Financing Activities: End Bal 136 0