1 Homework i O Saved Comparative balance sheets for 2021 and 2020, a statement of income f records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash $ 41 $ 165 Accounts receivable 192 149 Prepaid insurance 15 8 Inventory 319 192 ok Buildings and equipment 434 367 Less: Accumulated depreciation (136) (257) ht $ 865 $ 624 ences Liabilities Accounts payable $ 104 $ 134 Accrued liabilities 14 20 Notes payable 67 0 Common stock Bonds payable Shareholders' Equity Retained earnings 178 0 417 417 85 53 $ 865 $ 624 RED, INC. Statement of Income For Year Ended December 31, 2021 ($ in millions) Revenues Sales revenue Expenses Cost of goods sold Depreciation expense $2,170 $1,469 69 ] 3271 < Prev 10 of 12