F Project Income Statement Balancesheet Spreadsheet for the CFO State. Spartan Corp Comparative Balance Sheets December 31, 2024 and 2023 (S in millions) 2024 2023 Assets Cash 57 55 Accounts receivable 181 170 Less: Allowance for uncollectible accounts (8) (6) Prepaid insurance 7 12 Inventory 170 165 Long-term investment 66 90 Land Buildings and equipment Less: Accumulated depreciation Trademark Liabilities Accounts payable Salaries payable 150 150 290 270 (85) (75) 24 25 852 856 30 45 3 8 Deferred tax liability 18 15 Lease liability 68 0 Bonds payable 145 275 Less: Discount on bonds (22) (25) Shareholders' Equity Common stock 310 290 Paid-in capital-excess of par 95 85 Preferred stock 50 0 Retained earnings 155 163 852 856 Income Statement Balancesheet Spreadsheet for the CFO State. Spartan Corp. Income Statement For Year Ended (S$ in millions) 31-Dec-24 Revenues and gain: Sales revenue $320 Investment revenue 15 Gain on sale of Treasury bills 5 $340 Expenses and loss: Cost of goods sold 125 Salaries expense Depreciation expense Amortization expense 55 25 1 Bad debt expense 7 Insurance expense 13 Interest expense 30 Loss on sale of equipment 42 298 Income before tax $42 Income tax expense 20 Net income $22 The comparative balance sheets for 2024 and 2023 and the income statement for 2024 are given in the attached excel file for Spartan Corp. Additional information from Orange's accounting records is provided as follows. 1. Investment revenue includes Spartan's $6 million share of the net income of Central Fiber Optics Corporation, an equity method investee.. 2. A long-term investment in bonds, originally purchased for $30 million, was sold for $35 million. 3. Pretax accounting income exceeded taxable income, causing the deferred income tax liability to increase by $3 million. 4. A building that originally cost $60 million, and which was one-fourth depreciated, was destroyed by fire. Some undamaged sections were sold for $3 million. 5. The right to use a building was acquired with a seven-year lease agreement; present value of lease payments, $80 million. Annual lease payments of $12 million are paid on Jan. 1 of each year starting in 2024. 6. $130 million of bonds were retired at maturity. 7. $20 million par value of common stock was sold for $30 million, and $50 million of preferred stock was sold at par. 8. Shareholders were paid cash dividends of $30 million. 1. Prepare a spreadsheet for preparation of the statement of cash flows (direct method) of Spartan Corp. for the year ended December 31, 2024.