Comparative balance sheets for 2021 and 2020, a statement of income for 2020 and additional information from the accounting records of Red, Inc. are provided below. RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 in minton Assets Cash Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Accrued liabilities Note5 payable Bonds payable Shareholders' Equity Common stock Retained earnings $8105591 Statement of Income For Year Ended December 31, 2021 s in millions) Revenues Sales revenue $2,200 Expenses Cost of epods sold Depreciation expense Operating expenses Net income Additional information from the accounting records. a. During 2021, $272 million of equipment was purchased to replace S210 million of equipment (80% depreciated sold at book value b. In order to maintain the usual policy of paying cash dividends of $62 million, it was necessary for Red to borrow $62 million from its bank Required: Prenare the statement of cash flows of Red, Inc., using the direct method to report operating activities (Enter your answers in millions Additional information from the accounting records a During 2021 5272 milion of equipment was purchased to replace 5210 million of equipment (80% depreciated) sold at book value b. In order to maintain the usual policy of paying cash dividends of $62 million, it was necessary for Red to borrow 562 million from its bank Required: Prepare the statement of cash flows of Red, ne using the direct method to report operating activities (Enter your answers in millions lie., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign) RED, INC Statement of Cash Flows of year ended December 31, 2021 5 in m Cash flows from operating activities onsi Cathino No cash rows from vating activities Cash flows from investing actives Cash balance January 1