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 Beginning Balance Balance $ 55 $ 113 800 732 730 674 1,585 1,519 1,665 1,628 866 699 799 929 $ 2,384 $ 2,448 $ 292 196 $ 176 154 109 88 597 418 495 760 1,092 1,178 225 225 1,067 1,045 1,292 1,270 $ 2,384 $ 2,448 Burgess Company Income Statement (dollars in millions) Sales $ 4,180 Cost of goods sold 2,860 1,320 912 408 Gross margin 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: 2 410 144 $ 266 1. The company sold equipment that had an original cost of $44 million and accumulated depreciation of $23 million. The cash proceeds from the sale were $23 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: 1. 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.)