Additional information is as follows a. Old equipment was sold for cash during 2017. It had an original cost of $45 and an accumulated depreciation of $33. b. A new building was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cash. The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017 Amounts are in millions of dollars: Required: 1. Prepare a statement of cash flows for Laporte Inc. for the year ended December 31, 2017 by using the direct method. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) Statements of Financial Position 2017 Cash $ 100 Accounts receivable 39 Merchandise inventory Long-term investments Property, plant, and equipment 211 Accumulated depreciation (83) 2016 $ 73 29 37 33 23 169 (101) LAPORTE INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Total assets $ 300 $ 230 $ 29 48 8 Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained earnings 25 Cash payments: 85 125 105 43 Total liabilities and shareholders' equity $ 300 $ 230 Statement of Earnings Sales Cost of sales $ 155 (89) $ 0.0 For other operating expenses Collections from customers To suppliers Net cash used for operating activities Cash flows from investing activities: Sale of long-term investment Sale of equipment Purchase of equipment 66 Gross profit Depreciation expense Other operating expenses (15) (36.5) Earnings from operations Gain on sale of investments Loss on sale of equipment 14.5 11 (7) Earnings before income tax Income tax expense 18.5 7.4 Net cash flow from investing activities Cash flows from financing activities: Issuance of shares Dividends paid Net earnings $ 11.1 Net cash flow from financing activities Additional information is as follows: a. Old equipment was sold for cash during 2017. It had an original cost of $45 and an accumulated depreciation of $33. b. A new building was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cash. 0.0 Cash balance, January 1, 2017 Cash balance, December 31, 2017 $ 0.0