Required information [The following information applies to the questions displayed below.] Comparative balance sheets for...
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Accounting
Required information [The following information applies to the questions displayed below.] Comparative balance sheets for 2021 and 2020 , a statement of income for 2021 , and additional information from the accounting records of Red, Inc., are provided below. Additional information from the accounting records: a. During 2021, $272.0 million of equipment was purchased to replace $220.0 million of equipment (95.0\% depreciated) sold at book value. b. In order to maintain the usual policy of paying cash dividends of $40.0 million, it was necessary for Red to borrow $40.0 million from its bank. Required: Prepare the T-account for Red, Inc, (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
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