Here are the 2021 and 2022 (incomplete) balance sheets for Newble Oil Corporation. BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 317 $ 455 Current liabilities $ 245 $ 247 Net fixed assets 1,270 1,455 Long-term debt 865 990 a&b. What was shareholders' equity at the end of 2021 and 2022? c. If Newble paid dividends of $135 million in 2022 and made no stock issues, what must have been net income during the year? d. If Newble purchased $335 million in fixed assets during 2022, what must have been the depreciation charge on the income statement? e. What was the change in net working capital between 2021 and 2022? f. If Newble issued $214 million of new long-term debt, how much debt must have been paid off during the year?

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is