During 2021, Edwin Company earned revenues of $150 million. Edwin incurred, during that same year, salary expense of $34 million, rent expense of $23 million, and utilities expense of $16 million. Edwin declared and paid dividends of $16 million during the year. At December 31, 2021, Edwin had cash of $185 million, accounts receivable of $70 million, property and equipment of $35 million, and other long-term assets of $22 million. At December 31, 2021, the company owed accounts payable of $56 million and had a long-term note payable of $26 million. Edwin began 2021 with a balance in retained earnings of $73 million. At December 31, 2021, Edwin had total stockholders’ equity of $230 million, which consisted of common stock and retained earnings. Edwin has a year-end of December 31. Prepare the following financial statements (with proper headings) for 2021:

Requirement

1. Income statement,
2. Statement of retained earnings,
3. Balance sheet.