1. Land costing $64 million was acquired by issuing $32 million cash and a 15%, four-year, $32 million note payable to the seller.
2. The right to use a building was acquired with a 15-year lease agreement; present value of lease payments, $107 million. Annual lease payments of $8 million are paid at the beginning of each year starting January 1, 2021.
3. $77 million of bonds were retired at maturity.
4. In February, Arduous issued a stock dividend (10.8 million shares). The market price of the $5 par value common stock was $7.50 per share at that time.
5. In April, 1 million shares of common stock were repurchased as treasury stock at a cost of $26 million.

Required: Prepare the statement of cash flows for Arduous Company using the indirect 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).)

The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduous's accounting records is provided also. 2020 $ 98 228 21 217 30 142 167 434 154) $1.233 ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 Assets Cash $ 138 Accounts receivable 207 Investment revenue receivable 23 Inventory 223 Prepaid insurance 21 Long-term investment 207 Land 231 Buildings and equipment 437 Less: Accumulated depreciation (113) Patent $1,421 Liabilities Accounts payable $ 67 Salaries payable Interest payable (bonds) Income tax payable Deferred tax liability Notes payable Lease liability 99 Bonds payable 232 Less: Discount on bonds (39) Shareholders' Equity Common stock 481 Paid-in capital-excess of par Preferred stock 92 Retained earnings 232 Less: Treasury stock (26) $1,421 $ 99 NNNM 309 (42) 427 129 102 223 0 $1,233 $ 606 ARDUOUS COMPANY Income Statement For Year Ended December 31, 2021 ($ in millions) Revenues and gain: Sales revenue $ 575 Investment revenue 29 Gain on sale of treasury bills 2 Expenses and loss: Cost of goods sold Salaries expense Depreciation expense Amortization expense Insurance expense Interest expense LOSs on sale of equipment Income tax expense Net income 197 NH 451 $ 155 Additional information from the accounting records: a. Investment revenue includes Arduous Company's $23 million share of the net income of Demur Company, an equity method investee. b. Treasury bills were sold during 2021 at a gain of $2 million. Arduous Company classifies its investments in Treasury bills as cash equivalents. c. Equipment originally costing $104 million that was one-half depreciated was rendered unusable by a flood. Most major components of the equipment were unharmed and were sold for $24 million. d. Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $20 million. e. The preferred stock of Tory Corporation was purchased for $42 million as a long-term investment. f. Land costing $64 million was acquired by issuing $32 million cash and a 15%, four-year, $32 million note payable to the seller. The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduous's accounting records is provided also. 2020 $ 98 228 21 217 30 142 167 434 154) $1.233 ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 Assets Cash $ 138 Accounts receivable 207 Investment revenue receivable 23 Inventory 223 Prepaid insurance 21 Long-term investment 207 Land 231 Buildings and equipment 437 Less: Accumulated depreciation (113) Patent $1,421 Liabilities Accounts payable $ 67 Salaries payable Interest payable (bonds) Income tax payable Deferred tax liability Notes payable Lease liability 99 Bonds payable 232 Less: Discount on bonds (39) Shareholders' Equity Common stock 481 Paid-in capital-excess of par Preferred stock 92 Retained earnings 232 Less: Treasury stock (26) $1,421 $ 99 NNNM 309 (42) 427 129 102 223 0 $1,233 $ 606 ARDUOUS COMPANY Income Statement For Year Ended December 31, 2021 ($ in millions) Revenues and gain: Sales revenue $ 575 Investment revenue 29 Gain on sale of treasury bills 2 Expenses and loss: Cost of goods sold Salaries expense Depreciation expense Amortization expense Insurance expense Interest expense LOSs on sale of equipment Income tax expense Net income 197 NH 451 $ 155 Additional information from the accounting records: a. Investment revenue includes Arduous Company's $23 million share of the net income of Demur Company, an equity method investee. b. Treasury bills were sold during 2021 at a gain of $2 million. Arduous Company classifies its investments in Treasury bills as cash equivalents. c. Equipment originally costing $104 million that was one-half depreciated was rendered unusable by a flood. Most major components of the equipment were unharmed and were sold for $24 million. d. Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $20 million. e. The preferred stock of Tory Corporation was purchased for $42 million as a long-term investment. f. Land costing $64 million was acquired by issuing $32 million cash and a 15%, four-year, $32 million note payable to the seller