A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Beginning Balance Balance 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 $ 49 $ 101 740 678 700 650 1,489 1,429 1,605 1,574 830 681 775 893 $ 2,264 $ 2,322 $ 280 190 $ 170 160 97 82 567 412 465 700 1,032 1,112 195 195 1,037 1,015 1,232 $ 2,264 1,210 $ 2,322 Sales Cost of goods sold Gross margin Burgess Company Income Statement (dollars in millions) Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income Burgess also provided the following information: $ 4,000 2,740 ** 1,260 900 360 2 362 132 $ 230 1. The company sold equipment that had an original cost of $32 million and accumulated depreciation of $17 million. The cash proceeds from the sale were $17 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.) Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List a deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents