Exercise 21-23 (Algo) Cash flows from operating activities (direct method) [LO21-3] Portions of the financial statements for Myriad Products are provided below: Sales MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of land Income before taxes Income tax expense Net Income $ 820 287 533 $ 130 90 5 30 4 259 274 137 $ 137 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Year 2024 2023 Change Cash $ 126 $ 122 $ 4 Accounts receivable 253 265 (12) Inventory 461 472 (11) Accounts payable 183 178 5 Salaries payable 103 108 (5) Interest payable 45 42 3 Income tax payable 48 32 16 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).