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 Accrued 11abilities Income taxes payable Total current liabilities onds payable Total abilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Burgess Company Income Statement Ending Balance Beginning Balance 63 $125 804 770 706 3,713 1,745 1,699 1,700 225 977 $2,544 $2,616 $ 300 $ 284 204 146 125 96 837 426 535 1,192 1,206 265 265 3,307 1,085 1972 $2.544 $2,616 (dollars in millions Sales $4,400 3,930 10: Sales po Cost of goods sold Burgess Company Stat (dollars in i effos Gross margin Selling and adeinistrative expenses het operating Inc Nonoperating its Income before taxes Income taxes Net inco 928 472 2 476 100 314 Burgess also provided the following information 1 The company sold equipment that had an orginal 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 yea 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) Burge Company Satent of Cals Flowe Operating activitie Netconse Adjustments to convert nat income to a cash ba Depreciation Gain on sale of equipment Statement of Cash Flows Operating activities: Net income Adjustments to convert net income to a cash basis. Depreciation Gain on sale of equipment Increase in accounts receivable Increase in accrued liabilities Increase in inventory Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents $ 0 0 0 0 0