The company had the following balance sheet as of 31 December 20X1: Amounts in million Cash 100 Net property, plant and equipment (mostly aircraft) 700 Total assets 800 Trade payables 200 Deferred revenue (tickets sold in advance) 400 Total liabilities 600 Share capital 10 10 Retained earnings Total shareholders' equity The following information is available in relation to the month of January 20X2: 190 200 1. Happyflights plc sold flights tickets to customers for an amount of 30 million, which was received in cash (no sales were made on credit). 2. Happyflights plc recognised a total of 27 million of sales revenue in its January 20X2 income statement in relation to the flights operated during the month. 3. The depreciation expense related to Happyflights plc's Property, Plant and Equipment (PP&E) amounted to 7 million for the month. No PP&E was purchased or sold during the month. 4. Fuel, salaries and other operating costs (excluding depreciation) required to operate flights during the month amounted to 20 million. Half of this amount was paid in cash by Happyflights plc during the month, while the rest was due for payment later in the year. 5. Happyflights plc paid 5 million in cash to suppliers in relation to services received during the year ending 31 December 20X1. a) Showing all your calculation workings, prepare Happyflights plc's balance sheet at 31 January 20X2. (12 marks)