Requirement 3. Prepare the balance sheet (with a proper heading) for 2021 nomain IL During 2021, Victor Company earned revenues of $160 million Victor Company Balance Sheet December 31, 2021 Assets (millions) Current assets: Total assets Victor incurred during that same year, salary expense of $32 million, rent expense of $16 million, and utilities expense of $18 million. Victor declared and paid dividends of $17 million during the year. At December 31, 2021, Victor had cash of $155 million, accounts receivable of $85 million property and equipment of $42 million, and other long-term assets of $26 million. At December 31, 2021, the company owed accounts payable of $63 million and had a long-term note payable of $34 million. Victor began 2021 with a balance in retained earnings of $68 million. At December 31, 2021, Victor had total stockholders' equity of $211 million, which consisted of common stock and retained earnings. Victor has a year-end of December 31 Victor Company Income Statement Year Ended December 31, 2021 (millions) Revenue: Revenue $ 160 $ 32 Expenses: Salary expense Rent expense Utilities expense 16 18 Total expenses 66 S 94 Net income (loss) Victor Company Statement of Retained Earnings Year Ended December 31, 2021 (millions) Retained earnings, December 31, 2020 $ 68 Add: 94 Net income for the period Subtotal 162 Less: Dividends declared (17) Retained earnings, December 31, 2021 $ 145