Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Incorporated, are provided below: Additional information from the accounting records: a. During 2024.5277 miltion of equipment was purchased to reploce $180 million of equipment (90% d depreciated) sold at book value. b. In ordet to maintain the usual policy of paying cash dividends of $54 million. It was necessaty for Red to borrow $54 milion from. its bank. Required: Prepare the statement of cash flows of Red, Incorporated, tor the year ended December 31, 2024, using the direct method to report operating activities, Note: Enter your answers in millions (i.e., 10,000,000 should be entered os 10). Cash outflows should be indicated with a minus sign. RED, INCORPORATED Statement of Cash Flows For year ended December 31,2024 ( $ in millions) Cash flows from operating activities: Cash inflows: From customers $1,972 Cash outflows