Burgess also provided the following information: '1."he company sold equipment for $8 million that originally cost $13 million with accumulated depreciation of $8 million. The gain on the sale was $3 million. 2. "he company did not issue any new bonds, pay a dividend, or complete any common stock transactions during the year. Required: 'IO 1. Using the indirect method, prepare a statement of cash flows. Dolnts Note: Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts. Operating adivities: References Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Problem 15-19 {Static} Prepare a Statement of Cash Flows [L015-1. L015-2, LO15-3, LO15-4. LO15-5] A comparative balance sheet and an income statement for Burgess Company are given below: Burges s Company 10 Comparative Balance Sheet DCII'ILE (dollars in millions) Ending Beginning Balance Balance Assets A Current assets: eBook Cash and cash equivalents $ 49 $ ?9 accounts receivable 645 586 Inventory 666 615 El Total current assets 1,354 1,2?4 References Property, plant, and equipment 1,515 1,466 Less accumulated depreciation 765 641 Net property, plant, and equipment T56 625 Total assets $ 23164 $ 23999 Liabilities and Stockholders' Equityr Current liabilities: accounts payable $ 256 $ 155 accrued liabilities 196 165 Income taxes payable ?6 ?6 Total current liabilities 516 396 Bonds payable 456 626 Total liabilities 966 1,616 Stockholders' equity: Common stock 161 161 Retained earnings 9?? 928 Total stockholders' equity 1,133 1,939 Total liabilities and stockholders' equity 15 2:154 15 2:399 Burgess Company Income Statement (dollars in millions) Sales {5 3,666 Cost of goods sold 2,556 Gross margin 1,656 Selling and administrative expenses 83'5 Net operating income 125 Honoperating items: Gain on sale of equipment 3 Income before taxes 1?6 Income taxes 63 Net income 33 115