A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Beginning Balance Balance Assets Current assets Cash and cash equivalents Accounts receivable Inventory $ $ 40 650 655 83 597 614 Total current assets 1.345 1.294 Property, plant, and equipment Less accumulated depreciation 1.515 776 1.493 654 Net property.plant, and equipment 739839 Total assets $ 2,084 S 2.133 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable S 262 5 161 181 169 7973 Total current liabilities Bonds payable 522 420 403 610 Total liabilities 942 1,013 Stockholders' equity Common stock Retained earnings 150 992 150 970 Total stockholders' equity 1,142 1,120 Total liabilities and stockholders' equity $ 2,084 S 2,133 Burgess Company Income Statement (dollars in millions Sales Cost of goods sold S 3.730 2.560 Gross margin Selling and administrative expenses 1.170 882 288 Net operating income Nonoperating items: Gain on sale of equipment 290 Income before taxes Income taxes 114 Net income $ 176 Burgess also provided the following information: 1. The company sold equipment that had an original cost of $14 million and accumulated depreciation of 58 million. The cash proceeds from the sale were $8 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.) Burgess Company Statement of Cash Flows - Indirect Method Operating activities: Adjustments to convert net income to cash basis: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents