1 A comparative balance sheet and an income statement for Burgess Company are given below: 6 points Burgess Company Comparative Balance sheet (dollars in millions) Ending Balance Beginning Balance eBook $ 53 780 720 1,553 1,645 854 791 $2,344 $ 109 714 666 1.489 1,610 693 917 $2,406 Assets Current assets Cash and cash equivalente Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property.plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Acerved liabilities Tncome taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity! Common stock Retained earninga Total stockholders' equity Total liabilities and stockholders' equity 288 194 105 582 485 1,072 5 174 156 86 416 740 1,156 215 1,057 1,272 $2,344 215 1,035 1.250 $2,406 Burgess Company Tncome statement (dollar in millions) Salas Cost of goods sold Gross margin Selling and administrative expenses Net operating Income Nonoperating items! Gain on sale of equipment Income before taxes IBCN taxes Net Income $4, 120 2,820 1,300 908 392 ok 2 394 140 $ 254 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $40 million and accumulated depreciation of $21 million. The cash proceeds from the sale were $21 million. The gain on the sale was $2 million, 2. The company did not issue any new bonds during the year. 3. The company paid a cash dividend during the year. 4. The company did not complete any common stock transactions during the year. Required: Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.) Burgos Company Startament of Cash Flows Operating activities: ook Investing activities Financing activities Beginning cash and cash equivalents Ending cash and cash equivalents