You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $185 million in current taxes and had an interest expense of $96 million. Use the accounting statement of cash flows to construct the financial statement of cash flows.

TIME MANUFACTURING
Statement of Cash Flows
(in $ millions)
Operations
Net income...................................................................$321
Depreciation...................................................................177
Deferred taxes.................................................................34
Changes in current assets and liabilities
Accounts receivable......................................................– 52
Inventories........................................................................41
Accounts payable.............................................................33
Accrued expenses.........................................................– 17
Other...................................................................................4
Total cash flow from operations................................$541
Investing activities
Acquisition of fixed assets........................................–$332
Sale of fixed assets..........................................................42
Total cash flow from investing activities.................–$290
Financing activities
Retirement of long-term debt..................................–$195
Proceeds from long-term debt sales...........................105
Dividends.....................................................................– 158
Repurchase of stock.....................................................– 26
Proceeds from new stock issue.....................................50
Total cash flow from financing activities................–$224
Change in cash (on balance sheet)............................$ 27