Comparative balance sheets for $2024$ and $2023,$ a statement of income for $2024,$ and additional information from the accounting records of Red, Incorporated, are provided below:

RED, INCORPORATEDComparative Balance SheetsDecember $31,2024$ and $2023($$ in millions$)20242023$Assets$$Cash$ $51\mathrm{.}5$$ $143\mathrm{.}5$Accounts receivable$166\mathrm{.}0124\mathrm{.}0$Prepaid insurance$5\mathrm{.}52\mathrm{.}5$Inventory$280\mathrm{.}0166\mathrm{.}0$Buildings and equipment$369\mathrm{.}0315\mathrm{.}0$Less: Accumulated depreciation$(130\mathrm{.}0)(221\mathrm{.}0)$$ $742\mathrm{.}0$$ $530\mathrm{.}0$Liabilities$$Accounts payable$ $80\mathrm{.}0$$ $96\mathrm{.}0$Accrued liabilities$10\mathrm{.}019\mathrm{.}0$Notes payable$50\mathrm{.}00\mathrm{.}0$Bonds payable$165\mathrm{.}00\mathrm{.}0$Shareholders$$ Equity$$Common stock$400\mathrm{.}0400\mathrm{.}0$Retained earnings$37\mathrm{.}015\mathrm{.}0$$ $742\mathrm{.}0$$ $530\mathrm{.}0$

RED, INCORPORATEDStatement of IncomeFor Year Ended December $31,2024($$ in millions$)$Revenues$$Sales revenue$$$ $1,800\mathrm{.}0$Expenses$$Cost of goods sold$ $1,260\mathrm{.}0$Depreciation expense$42\mathrm{.}0$Operating expenses$426\mathrm{.}01,728\mathrm{.}0$Net income$$$ $72\mathrm{.}0$

Additional information from the accounting records:

During $2024,$ $$194\mathrm{.}0$ million of equipment was purchased to replace $$140\mathrm{.}0$ million of equipment $(95\mathrm{.}0\%$ depreciated$)$ sold at book value.

In order to maintain the usual policy of paying cash dividends of $$50\mathrm{.}0$ million, it was necessary for Red to borrow $$50\mathrm{.}0$ million from its bank.

Prepare the T$-$account for Red, Incorporated.

Exercise $21-32($Algo$)$ Statement of cash flows; T$-$account method $[$LO$21-8,$ Appendix $21$B$]$

$[$The following information applies to the questions displayed below.$]$

Comparative balance sheets for $2024$ and $2023,$ a statement of income for $2024,$ and additional information from the accounting records of Red, Incorporated, are provided below:

Additional information from the accounting records:

a$.$ During $2024,\backslash$$$194\mathrm{.}0$ million of equipment was purchased to replace $\backslash (\backslash$$ $140\mathrm{.}0\backslash )$ million of equipment $(\backslash (95\mathrm{.}0\backslash \%\backslash )$ depreciated$)$ sold at book value.

b$.$ In order to maintain the usual policy of paying cash dividends of $\backslash (\backslash$$ $50\mathrm{.}0\backslash )$ million, it was necessary for Red to borrow $\backslash (\backslash$$ $50\mathrm{.}0\backslash )$ million from its bank. Prepare the T$-$account for Red, Incorporated.

Note: Enter your answers in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$