During 2016, Young Company earned revenues of $150 million. Young incurred, during that same year, salary expense of $30 million, rent expense of $14 million, and utilities expense of $29 million. Young declared and paid dividends of $10 million during the year. At December 31, 2016, Young has cash of $160 million, accounts receivable of $62 million, property and equipment of $34 million, and other long-term assets of $19 million. At December 31, 2016, the company owes accounts payable of $63 million and has a long-term note payable of $25 million. Young began 2016 with a balance in retained earnings of $75 million. At December 31, 2016, Young has total stockholders' equity of $187 million, which consists of common stock and retained earnings. Young has a year-end of December 31.
Prepare the following financial statements (with proper headings) for 2016:
1. Income statement,
2. Statement of retained earnings, and
3. Balance sheet.