The chief accountant for Grandview Corporation provides you with the company?s 2021 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company?s comparative balance sheets. These financial statements are shown next ($ in millions).

Required:1. Calculate the missing amounts.2. Prepare the operating activities section of Grandview?s 2021 statement of cash flows using the indirect method. Use a format similar to the one in the Concept Review Exercise at the end of Part B of this chapter.

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GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities: $71 (30) (18) (9) Collections from customers Payment to suppliers Payment of general & administrative expense Payment of income taxes Net cash flows from operating activities Cash Flows from Investing Activities: $14 Sale of investments 65 Cash Flows from Financing Activities: Issuance of common stock 10 Payment of dividends Net cash flows from financing activities (3) $86 Net increase in cash GRANDVIEW CORPORATION Income Statement For the Year Ended December 31, 2021 $80 Sales revenue Cost of goods sold 32 Gross profit Operating expenses: General and administrative expense Depreciation expense Total operating expenses 48 $18 10 28 20 Operating income Other income: Gain on sale of investments 15 Income before income taxes 35 Income tax expense $28 Net income GRANDVIEW CORPORATION Balance Sheets At December 31 2021 2020 Assets: Cash $ 145 $ ? Accounts receivable 84 Investments 50 Inventory Property, plant & equipment Less: Accumulated depreciation 60 ? 150 150 (65) Total assets ? ? Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for selling & admin. expense) Income taxes payable $ 40 $ 30 22 ? Common stock 240 230 Retained earnings Total liabilities and shareholders' equity 47