i need answer asap please
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for National Intercable Company. Additional information from NIC's accounting records is provided also. NATIONAL INTERCABLE COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets $ 66 $ 65 Cash Accounts receivable Less: Allowance for uncollectible 193 185 (5) (9) accounts Prepaid insurance Inventory Long-term investment Land 8. 11 172 26 170 236 (64) (55) 23 165 45 170 210 Buildings and equipment Less: Accumulated depreciation Trademark 25 $821 $816 Liabilities $ 32 $ 42 Accounts payable Salaries payable Deferred income tax liability Lease liability Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Preferred stock Retained earnings 12 11 44 145 255 (19) (21) 230 210 75 55 30 259 268 $821 $816 NATIONAL INTERCABLE COMPANY Income Statement For Year Ended December 31, 2018 NATIONAL INTERCABLE COMPANY Income Statement For Year Ended December 31, 2018 ($ in millions) Revenues Sales revenue Investment revenue $270 10 Gain on sale of investments Expenses Cost of goods sold Salaries expense Depreciation expense Trademark amortization expense Bad debt expense Insurance expense Bond interest expense Loss on building fire Income before tax Income tax expense 4 $284 110 52 15 12 25 16 237 47 26 $ 21 Net income Additional information from the accounting records: a. Investment revenue includes National Intercable Company's $3 million share of the net income of Central Fiber Optics Corporation, an equity method investee. b. A long-term investment in bonds, originally purchased for $22 million, was sold for $26 million. c. Pretax accounting income exceeded taxable income causing the deferred income tax liability to increase by $1 million. d. A building that originally cost $24 million, and which was one-fourth depreciated, was destroyed by fire. Some undamaged parts were sold for $2 million. e. The right to use a building was acquired with a seven-year lease agreement; present value of lease payments, $50 million. Annual lease payments of $6 million are paid at Jan. 1 of each year starting in 2018. f. $110 million of bonds were retired at maturity. g. $20 million par value of common stock was sold for $40 million, and $30 million of preferred stock was sold at par. h. Shareholders were paid cash dividends of $12 million. 2. Prepare the statement of cash flows. Present cash flows from operating acti method. (Enter your answers in millions (i.e., 10,000,000 should be entered be deducted should be indicated with a minus sign.) NATIONAL INTERCABLE COMPANY Statement of Cash Flows For year ended December 31, 201B (S in millions) Cash ows Cash outflows Noncash investing and financing activities