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The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable 1,897 Accounts receivable (net) 3,131 Accrued

The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions):

Accounts payable 1,897
Accounts receivable (net) 3,131
Accrued liabilities 4,105
Cash and cash equivalents 162
Cost of goods sold 17,531
Other current payables 1,652
Current portion of long-term debt 540
Other long-term liabilities 10,311
Retained earnings as of 12/31/2021 2,391
Goodwill and other intangible assets (net) 35,957
Salaries expense 1,565
Interest and other debt expense, net 1,437
Inventories 3,026
Long-term debt 8,134
Long-term notes payable 5,000
Marketing, general and administration expenses 11,460
Operating revenues 33,875
Other current assets 687
Other noncurrent assets 3,726
Other shareholders' equity (2,568 )
Common stock 23,655
Property, plant and equipment (net) 9,109
Short-term borrowings 681

Required: Based on the information presented above, prepare the Income Statement for Krafty Foods for the year ended December 31, 2021.

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