Kellogg Company is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars

Kellogg Company is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2014 income statement and balance sheet. (All dollars are in millions.)

(a) In each case identify whether the item is an asset, liability, stockholders’ equity, revenue, or expense.

(b) Prepare an income statement for Kellogg Company for the year ended December 31, 2014. (Enter amounts in millions, e.g. 45.)