Adjustments to reconcile net income with cash from operations: Net cash provided by/(used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by/(used in) financing activities Net change in cash Cash at beginning of the year 58 Tertiary Income Statement For the Year Ended Dec 31, 2020 (in millions) Sales $ 338 Cost of Goods Sold 175 Depreciation Expense 16 Amortization Expense 4 Rent Expense Insurance Expense 25 Other Operating Expenses 17 Operating Income 43 Interest Expense 9 Gain on Sale of PP&E Loss on Sale of Investments 3 Income before taxes 33 Income Tax Expense 6 Net Income $ 27 2 Dec. 31, Tertiary Company Balance Sheets (in millions) Dec. 31, ASSETS: 2020 Cash $ 106 Investments 62 Accounts Receivable 35 Inventory 40 Prepaid Insurance 5 Property & Equipment, net 119 Patents, net 46 Total Assets $ 413 LIABILITIES & STOCKHOLDERS' EQUITY: Accounts Payable $ 46 Income Tax Payable Unearned Revenue Notes Payable 118 Common Stock & APIC 180 Treasury Stock (100) Retained Earnings 157 Total Liabilities & Stockholders' Equity $ 413 2019 $ 107 51 18 60 4 105 50 $395 4 8 $ 40 6 3 80 180 (50) 136 $395 Additional information about 2020 transactions (in millions): The company spent $50 repurchasing its stock. The company sold investments that had an initial cost of $14 for $11 cash. The company declared and paid $6 in cash dividends. The company purchased new PP&E for $36 cash. The company purchased investments for $25 cash. The company sold some of its PP&E for $8 cash. The PP&E that was sold had an initial cost of $20 and Accumulated Depreciation of $14. The company borrowed $38 from a bank