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 Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Ending Balance Beginning Balance $ 52 $ 107 770 705 715 662 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 1,030 1,262 1,240 $ 2,324 $ 2,385 Burgess Company Income Statement (dollars in millions) Sales $ 4,090 Cost of goods sold 2,800 1,290 906 Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income 384 2 386 138 $ 248 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $38 million and 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: Investing activities: Financing activities: Burgess Company Statement of Cash Flows Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents