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During 2018, Plank Company earned revenues of $154 million. (Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare the income statement (with a proper heading) for 2018. (Enter all amounts in millions. If a box is not used in the income statement, leave the box empty; do not select a labe i More Info Revenue: Expenses Plank incurred, during that same year, salary expense of $30 million, rent expense of $20 million, and utilities expense of $25 million. Plank declared and paid dividends of $15 million during the year. At December 31, 2018, Plank had cash of $145 million, accounts receivable of $65 million, property and equipment of $34 million, and other long-term assets of $18 million. At December 31, 2018, the company owed accounts payable of $60 million and had a long-term note payable of $31 million. Plank began 2018 with a balance in retained earnings of $77 million. At December 31, 2018, Plank had total stockholders' equity of $171 million, which consisted of common stock and retained earnings. Plank has a year-end of December 31 Print Done Net income (loss) Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All During 2018, Plank Company earned revenues of $154 million. Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare the income statement (with a proper heading) for 2018. (Enter all amounts in millions. If a box is not used in the income statement, leave the empty; do not select a labe (millions) Revenue: Expenses: Net income (loss) Choose from any list or enter any number in the input fields and then click Check Answer. parts 4 remaining Clear All

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