$ 63 880 770 1,713 1,745 914 129 804 706 1,639 1,700 723 977 2,616 831 $ 2,544 $ Assets Current assets: Cash and cash equivalents 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 Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 308 204 125 637 535 1,172 184 146 96 426 840 1, 266 265 1,107 1,372 2,544 265 1,085 1,350 2,616 $ Income Statement (dollars in millions) Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income $ 4,420 3,020 1,400 928 472 474 160 314 $ 1. The company sold equipment that had an original cost of $60 million and accumulated depreciation of $31 million. The cash proceeds from the sale were $31 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.) o X L '''|'''''llllllllllllllllllllllllll/4'''''''''''''|'''''' Statement of Cash Flows Operating activities: Investing activities: 0 Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents $0