A comparative balance sheet and an income statement for Burgess Company are given below. Burgess Company Comparative Balance Sheet (dollars in millions) ped 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 Burgess Company Income Statement (dollars in millionel Ending Balance Beginning Balance $ 52 770 $ 107 705 715 662 1,537 1,474 1,635 1,601 848 690 787 911 $ 2,324 $ 2,385 $286 $ 173 193 157 103 85 582 415 480 730 1,062 1,145 210 210 1,052 1,262 $ 2,324 1,030 1,240 $ 2,385 00 Burgess Company Income Statement (dollars in millions) Sales $ 4,090 Cost of goods sold 2,800 Gross margin 1,290 Selling and administrative expenses 906 ipped Net operating income Nonoperating items: 384 Gain on sale of equipment Income before taxes: Book 2 386 138 $ 248 Income taxes Net income Burgess also provided the following information: 1. The company sold equipment that had an original cost of $38 milliorgand accumulated depreciation of $20 million. The cash proceeds from the sale were $20 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.) Operating activities: Burgess Company Statement of Cash Flows < Prev 8 of 9 Next >