Answer:
if(isBalloon== true && isRed==false) //compare the value of isBalloon variable with true value and isRed variable value with false value.
  System.out.println("Balloon");//Print Balloon
else if(isBalloon== true && isRed==true) //compare the value of isBalloon variable with true value and isRed variable value with also true value.
System.out.println("Red balloon");//Print Red  Balloon
else // when no if condition match it will execute.
System.out.println("Not a balloon"); //Print Not a Balloon
Output:
Not a balloon
Explanation:
The "if-else" statement is defined above for the problem which is given on the question. The detailed explanation of the answer is described below--