A comparative balance sheet and an income statement for Burgess Company are given below Burgess Company Comparative Balance Sheet (dollars in millions) 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 Sonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Ending Beginning Balance Balance $ 65 $ 133 900 822 780 714 1,745 1,669 1,765 1,718 926 729 839 989 $2,584 $2,658 $ 312 $ 186 206 144 129 98 647 428 545 860 1,192 275 275 1,117 1,392 1,095 1,370 $2,584 $ 2,658 4 ces Sales Cost of goods sold Burgess Company Income Statement (dollars in millions) Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes: Income taxes Net income $4,480 3,060 1,420 932 488 2 490 164 $ 326 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $64 million and accumulated depreciation of $33 million. The cash proceeds from the sale were $33 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.) Check my work