Exercise 21-23 (Static) Cash flows from operating activities (direct method) (LO21-3] Portions of the financial statements for Myriad Products are provided below. $ 660 250 410 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $110 Depreciation expense 90 Amortization expense 5 Interest expense 20 Loss on sale of land 3 3 Income before taxes Income tax expense Net Income 385145 228 182 91 $ 91 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $102 $100 $ 2 Accounts receivable 220 232 (12) Inventory 440 450 (10) Accounts payable 140 134 6 Salaries payable 80 86 (6) Interest payable 25 20 5 Income tax payable 15 10 5 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) a ($ in millions) Cash Flows from Operating Activities: Depreciation expense Net cash flows from operating activities $ 0 ($ in millions) Cash Flows from Operating Activities: Depreciation expense Cash paid to employees Cash paid to suppliers Cash paid for income taxes Cash paid for interest Cash paid to employees Cash paid to suppliers Cash received from customers $ 0 Cash received from customers Depreciation expense Amortization expense Loss on sale of land