A comparative balance sheet and an income statement for Burgess Company are given below: Beginning Balance 87 615 622 1,324 1,511 660 851 Burgess Company Comparative Balance Sheet (dollars in millions) Ending Balance Assets Current assets: Cash and cash equivalents $ 42 Accounts receivable 670 Inventory 665 Total current assets 1,377 Property, plant, and equipment 1,535 Less accumulated depreciation 788 Net property, plant, and 747 equipment Total assets $ 2,124 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 266 Accrued liabilities 183 Income taxes payable 83 Total current liabilities 532 Bonds payable 430 Total liabilities 962 Stockholders' equity: Common stock 160 Retained earnings 1,002 Total stockholders' equity 1,162 Total liabilities and $2,124 stockholders' equity $ 2,175 $ 163 167 75 405 630 1,035 160 980 1,140 $ 2,175 Burgess Company Income Statement (dollars in millions) Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items : Gain on sale of equipment Income before taxes Income taxes Net income $3,790 2,600 1,190 886 304 2 306 118 188 $ Burgess also provided the following information: 1. The company sold equipment that had an original cost of $18 million and accumulated depreciation of $10 million. The cash proceeds from the sale were $10 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.) 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