Required information (The following information applies to the questions displayed below.] The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduous's accounting records is provided also. ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash Accounts receivable Investment revenue receivable Inventory Prepaid insurance Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 109 190 6 205 4 156 196 412 (97) 30 $ 1,211 $ 81 194 4 200 8 125 150 400 (120) 32 $ 1,074 $ $ Liabilities Accounts payable Salaries payable Interest payable (bonds) Income tax payable Deferred tax liability Notes payable Lease liability Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Preferred stock Retained earnings Less: Treasury stock 50 6 8 12 11 23 75 215 (22) 65 11 4 14 8 0 0 275 (25) 430 95 75 242 (9) $ 1,211 410 85 0 227 0 $ 1,219 $ 1,078 $ 1,074 Income Statement For Year Ended December 31, 2021 ($ in millions) Revenues and gain: Sales revenue $ 410 Investment revenue 11 Gain on sale of treasury bills 2 $ 423 Expenses and loss: Cost of goods sold 180 Salaries expense 73 Depreciation expense 12 Amortization expense 2 Insurance expense 7 Interest expense 28 Loss on sale of equipment 18 Income tax expense 36 356 Net income $ 67 Additional information from the accounting records: a. Investment revenue includes Arduous Company's $6 million share of the net income of Demur Company, an equity method investee. b. Treasury bills were sold during 2021 at a gain of $2 million. Arduous Company classifies its investments in Treasury bills as cash equivalents. c. Equipment originally costing $70 million that was one-half depreciated was rendered unusable by a flood. Most major components of the equipment were unharmed and were sold for $17 million. d. Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $3 million. e. The preferred stock of Tory Corporation was purchased for $25 million as a long-term investment. f. Land costing $46 million was acquired by issuing $23 million cash and a 15%, four-year, $23 million note payable to the seller. g. The right to use a building was acquired with a 15-year lease agreement; present value of lease payments, $82 million. Annual lease payments of $7 million are paid at the beginning of each year starting January 1, 2021. h. $60 million of bonds were retired at maturity. i. In February, Arduous issued a 5% stock dividend (4 million shares). The market price of the $5 par value common stock was $7.50 per share at that time. j. In April, 1 million shares of common stock were repurchased as treasury stock at a cost of $9 million. Required: Prepare the T-accounts for Arduous Company. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.). Amounts to be deducted should be indicated with a minus sign.). Cash Beg. Bal. Operating Activities: From customers From investment revenue From sale of cash equivalents Investing Activities: Purchase of land Purchase of long-term investment Financing Activities: Purchase of treasury stock Payment of dividends Retirement of bonds Sale of preferred stock End. Bal. Accounts Receivable Inventory Beg. Bal. Beg. Bal End. Bal. End. Bal Prepaid Insurance Investment Revenue Receivable Beg. Bal. Beg. Bal End, Bal End, Bal. Long-term Investments Land Beg. Bal. Beg. Bal End. Bal End. Bal Buildings and Equipment Accumulated Depreciation Beg. Bal. Beg. Bal End. Bal End. Bal Patent Accounts Payable Beg. Bal. Beg. Bal End. Bal. End. Bal. Salaries Payable Interest Payable Beg. Bal Beg, Bal End, Bal. End. Bal Income Tax Payable Deferred Tax Liability Beg. Bal. Beg. Bal End. Bal. End. Bal Notes Payable Lease Liability Beg. Bal. Beg. Bal End. Bal. End. Bal Bonds Payable Discount on Bonds Beg. Bal. Beg. Bal End. Bal. End, Ball Common Stock Paid-in Capital Beg, Bal. Beg. Bal End. Bal End. Bal. Preferred Stock Retained Earnings Beg. Bal. Beg. Bal End. Bal. End. Bal. Treasury Stock Sales Beg. Bal. Beg. Bal End. Bal. End. Bal. Investment Revenue Gain on Sale of Treasury Bills Beg. Bal. Beg. Bal. End. Bal. End, Bal Cost of Goods Sold Salaries Expense Beg. Bal. Beg. Bal. End. Bal End. Bal Depreciation Expense Amortization Expense Beg. Bal. Beg. Bal End. Bal End. Bal