Cash Accounts receivable Merchandise inventory Long-term investments Statements of Financial Position 2020 2019 $ 126 $ 87 80 62 63 - 70 56 Property, plant, and equipment Accumulated depreciation Total assets Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained earnings 4 5 145 208 75 195 75 58 $ 486 409 Statement of Earnings Total liabilities and shareholders' equity Sales Cost of sales Gross profit Depreciation expense Other operating expenses Earnings from operations Gain on sale of investments Loss on sale of equipment Earnings before income tax Income tax expense Net earnings 250 (33) 192 (58) $ 486 $ 409 54 76 (141) 94 (10) (62) 22 8 (2) 28 23 Additional information is as follows: a. Old equipment was sold for cash during 2020. It had an original cost of $42 and an accumulated depreciation of $35. b. A new building was acquired during the year in exchange for a long-term note for $70, payable in five years. In addition, new equipment was purchased for cash. Required: 1. Prepare the operating activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020 by using the indirect method. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash flows from operating activities: Net earnings Add (deduct) items not affecting cash: Depreciation expense Gain on sale of investments Loss on sale of equipment Decrease in accounts payable Decrease in merchandise inventory Decrease in accounts payable Decrease in income tax payable Net cash used for operating activities 2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) LAPORTE ING. Statement of Cash Flow (Part) For the Year Ended December 31, 2020 Cashows from Inventing Not cash flow from investing activi 3. Compute each of the following for the year 2020. (a) quality of earnings relo, capital expenditures ratio, and (d) free cash flow. (Negative answers should be indicated by a minus sign. Round "Ratio" answers to 2 decimal places.) (a) Quality of caringa ada (b) Capital expenditures ratio (For 4. Based on your answers to (1) and (2) above, determine the net cash flow from financing activities. (Hint This can be done without preparing the financing activities section of the statement) (Enter your answer in millions.) Cash flow from financing activides 5. The president of Laporte Inc, Tanya Turcotte, was provided with a copy of the operating activities section of the statement of cash flows that you prepared in (1), and made the following comment "This report is supposed to show operating cash inflows and outflows during the year, but I don't see how much cash Laporte Inc. received from customers and how much it paid to trade suppliers and for Income taxes. Please ask whoever prepared this statement to provide me with these numbers." Based on Tenya's comment, compute the following amounts for 2020: (Enter your answers in millions.) Cod collected from b. Cash gold to trade suppl