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Portions of the financial statements for Myriad Products are provided below. $ 700 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2018 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $100 Depreciation expense Patent amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income ng 205 250 $ 125 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) Year 2018 2017 Change Cash $117 $110 $ 7 Accounts receivable 230 247 (17) Inventory 445 460 (15) Accounts payable 165 154 11 Salaries payable Interest payable Income taxes payable 20 85 (11) Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.). Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.). Amounts to be deducted should be indicated with a minus sign.) ($ in millions) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities $ Mayer Corporation has a defined benefit pension plan. Mayer's policy is to fund the plan annually, cash payments being made at the end of each year. Data relating to the pension plan for 2018 are as follows: December 31 ($ in millions) 2018 2017 $1,220 $1,000 $ 134 65 Plan assets Net Pension Expense for 2018: Service cost Interest cost (5% x $1,380) Actual return on the plan assets (13% x $1,000 = $130) Adjusted for: $10 gain on the plan assets Amortization of prior service cost Amortization of net loss (120) *(13% * $1,000) (12% - $1,000) Required: Recreate the journal entries used to record Mayer's 2018 pension expense, gain on plan assets, and funding of plan assets in order to determine the cash paid to the pension trustee as reported in the statement of cash flows. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet