The line items for Torrance Associates Inc.$\text{'}$s balance sheet and income statement for its latest fiscal year, which ended December $31,20$XX$,($amounts in millions$)$ are listed as follows:

View the line items.

Read the requirements.

Requirement $1.$ Prepare Torrance's balance sheet using the accounting equation for assistance. Complete the heading first. Compute the retained earnings using the accounting equation. Do not calculate retained earnings using the net income method. Dividends are not zero and have not been provided in the question. $($If an input field is not used in the balance sheet, leave the input field empty; do not select a label or enter a zero. Enter amounts in millions as provided to you in the problem statement.$)$