5. The president of Laporte Inc., Tanya Turcotte, was provided with a copy of the operating activities section of the statement of cash flows that you prepared in (1), and made the following comment. This report is supposed to show operating cash inflows and outflows during the year, but I don't see how much cash Laporte Inc. received from customers and how much it paid to trade suppliers and for income taxes. Please ask whoever prepared this statement to provide me with these numbers." Based on Tanya's comment compute the following amounts for 2020 (Enter your answers in millions.) a. Cash collected from customers b. Cash paid to trade suppliers c. Cash paid for income taxes 2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020 (Negative answers should be indicated by a minus sign. Enter your answers in millions.) LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash flows from investing activities: Sale of equipment 10.000.000 Sale of long-term investment 24,000,000 Purchase of equipment (22,000,000) Net cash flow from investing activities $ 12,000,000 3. Compute each of the following for the year 2020: (a) quality of earnings ratio. (b) capital expenditures ratio, and (c) tree cash flow. (Negative answers should be indicated by a minus sign. Round "Ratio answers to 2 decimal places.) (a) Quality of earnings ratio (b) Capital expenditures ratio (c) Free cash flow (0.25) 0.14 (27) $ Required: 1. Prepare the operating activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020 by using the indirect method. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash flows from operating activities: Net earnings $ 12,000,000 Add (deduct) items not affecting cash Depreciation expense 10,000,000 Gain on sale of Investments (6,000,000) Loss on sale of equipment 2,000,000 Increase in accounts receivable (10,000,000) Decrease in merchandise inventory 4,000,000 Decrease in income tax payable (14,000,000) Decrease in income tax payable (1.000.000) Increase in accounts receivable $ (3,000,000) Net cash used for operating activities The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2019 and 2020 and on its statement of earnings for the year ended December 31, 2020. Amounts are in millions of dollars: 2020 $ 90 34 28 Statements of Financial Position Cash Accounts receivable Merchandise inventory Long-term investments Property, plant, and equipment Accumulated depreciation Total assets Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales Cost of sales Gross profit Depreciation expense Other operating expenses Earnings from operations Gain on sale of investments Loss on sale of equipment Earnings before income tax Income tax expense Net earnings 196 (78) $ 270 $ 24 3 80 115 48 $ 270 2019 $ 68 24 32 18 154 (96) $ 200 38 4 20 100 38 $ 200 $ 140 (84) 56 (10) (34) 12 6 (2) 16 4 $ 12 Additional information is as follows: a. Old equipment was sold for cash during 2020. It had an original cost of $40 and an accumulated depreciation of $28. b. A new building was acquired during the year in exchange for a long-term note for $60. payable in five years. In addition, new equipment was purchased for cash