Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash $ 17.0 $ 128.0 Accounts receivable 160.0 121.0 Prepaid insurance 12.0 6.0 Inventory 269.0 163.0 Buildings and equipment 371.0 325.0 Less: Accumulated (74.0) (228.0) depreciation $ 755.0 $ 515.0 Liabilities Accounts payable $ 83.0 $ 95.0 Accrued liabilities 2.0 8.0 Notes payable 50.0 0.0 Bonds payable 135.0 0.0 Shareholders' Equity Common stock 400.0 400.0 Retained earnings 85.0 12.0 $ 755.0 $ 515.0 RED, INC. Statement of Income For Year Ended December 31, 2021 ($ in millions) Revenues Sales revenue $1,940.0 Expenses Cost of goods sold $1,358.0 Depreciation expense 36.0 Operating expenses 423.0 1,817.0 Net income $ 123.0 Additional information from the accounting records: a. During 2021, $246.0 million of equipment was purchased to replace $200.0 million of equipment (95.0% depreciated) sold at book value. b. In order to maintain the usual policy of paying cash dividends of $50.0 million, it was necessary for Red to borrow $50.0 million from its bank. Required: Prepare the statement of cash flows (direct method) for Red, Inc. Use the T-account method to assist in your analysis. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) RED, INC. Statement of Cash Flows For year ended December 31, 2021 ($ in millions) Cash flows from operating activities: Cash inflows: Cash outflows: $ 0.0 Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities 0.0 Cash flows from financing activities: 0.0 0.0 Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 $ 0.0