A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet Assets (dollars in millions) 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 Burgess Company Income Statement (dollars in millions) Sales $ 4,270 Cost of goods sold 2,920 1,350 Ending Balance Beginning Balance $ 58 $ 119 830 759 745 686 1,633 1,564 1,695 1,655 884 708 811 947 $ 2,444 5 2,511 $ 298 199 $179 151 115 91 612 421 510 790 1,122 1,211 240 240 1,082 1,060 1,322 1,300 $ 2,444 $ 2,511 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: 918 432 2 434 150 $284 1. The company sold equipment that had an original cost of $50 million and accumulated depreciation of $26 million. The cash proceeds from the sale were $26 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.) Burgess Company Statement of Cash Flows Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents 0 0 0 $ 0