A comparative balance sheet and an income statement for Burgess Company are given below:

Burgess Company

Comparative Balance Sheet

$($dollars in millions$)$

Ending Balance Beginning Balance

Assets

Current assets:

Cash and cash equivalents $ $65$ $ $133$

Accounts receivable $900822$

Inventory $780714$

Total current assets $1,7451,669$

Property, plant, and equipment $1,7651,718$

Less accumulated depreciation $926729$

Net property,plant, and equipment $839989$

Total assets $ $2,584$ $ $2,658$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ $312$ $ $186$

Accrued liabilities $206144$

Income taxes payable $12998$

Total current liabilities $647428$

Bonds payable $545860$

Total liabilities $1,1921,288$

Stockholders' equity:

Common stock $275275$

Retained earnings $1,1171,095$

Total stockholders' equity $1,3921,370$

Total liabilities and stockholders' equity $ $2,584$ $ $2,658$

Burgess Company

Income Statement

$($dollars in millions$)$

Sales $ $4,480$

Cost of goods sold $3,060$

Gross margin $1,420$

Selling and administrative expenses $932$

Net operating income $488$

Nonoperating items:

Gain on sale of equipment $2$

Income before taxes $490$

Income taxes $164$

Net income $ $326$

Burgess also provided the following information:

The company sold equipment that had an original cost of $$64$ million and accumulated depreciation of $$33$ million. The cash proceeds from the sale were $$33$ million. The gain on the sale was $$2$ million.

The company did not issue any new bonds during the year.

The company paid a cash dividend during the year.

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.$)$