Transactions during 2023 follow. All dollars are in millions, except per share amounts:

Borrowed $15 cash on a 5-year, 8 percent note payable, dated March 1, 2023.

Sold 4 million additional shares of common stock for cash at $1 market value per share on January 1, 2023.

Purchased land for a future building site; paid cash, $13.

Earned $215 in revenues for 2023, including $53 on credit and the rest in cash.

Incurred $89 in wages expense and $25 in miscellaneous expenses for 2023, with $20 on credit and the rest paid in cash.

Collected accounts receivable, $34.

Purchased other noncurrent assets, $15 cash.

Purchased supplies on account for future use, $27.

Paid accounts payable, $26.

Declared cash dividends on December 1, $25.

Signed a three-year $33 service contract to start February 1, 2024.

Paid the dividends in (j) on December 31.

Data for adjusting entries (amounts in millions):

Supplies counted on December 31, 2023, $18.

Depreciation for the year on the equipment, $10.

Interest accrued on notes payable (to be computed).

Wages earned by employees since the December 24 payroll but not yet paid, $16.

Income tax expense, $11, payable in 2024.

Required:

Prepare the income statement (including earnings per share rounded to two decimal places), statement of stockholders equity, and balance sheet.

Journalize and post the closing entry